A development team has secured a $64 million loan to turn an eight-story parking garage into a luxury condo.
Capital markets services provider HFF announced today (Wednesday) that it has arranged a $62.4 million construction loan for the redevelopment of 12 East 13th Street, a for-sale residential condominium project in Greenwich Village.
HFF worked on behalf of the borrowing team of DHA Capital, Continental Properties and Ramius. The non-recourse loan was provided by Apollo Commercial Real Estate Finance.
The money will be used to redevelop an existing eight-story parking garage into a 12-story, luxury residential condominium property called 12 East 13th Street. (www.12e13.com)
The building is located just south of Union Square between University Place and Fifth Avenue in Greenwich Village. The project is scheduled for completion in spring 2015 and will consist of eight large residences along with street level retail. The property will include three-, four- and five-bedroom homes with high ceilings and top of the line finishes.
The HFF team representing the borrower was led by associate director Michael Gigliotti and senior managing director Andrew Scandalios.
“12 East 13th Street has an exceptional Greenwich Village location and each unit will have a private automated parking space along with the best finishes in the market, feeding the pent-up demand for large-format, super luxury residences,” said Gigliotti.
“The owner recognized this potential when purchasing the site and Apollo Commercial Real Estate Finance confirmed the borrower’s vision by providing a unique and comprehensive construction loan product.”
DHA Capital LLC is a NYC-based real estate development and investment firm led by Daniel Hollander and Joshua Schuster. Continental Properties, one of the largest residential building and development organizations in the tri-state region, has built more than 45,000 homes throughout the past 50 years.
Ramius LLC, through its RCG Longview platform, invests in a variety of direct real estate opportunities in the debt and equity space.