Eastern Consolidated announced that Adam Hakim and Sam Zabala, Managing Directors in its Capital Advisory Division, placed a $115 million loan to finance the construction of an 11-story luxury residential condominium at 527 West 27th Street next to the High Line in Chelsea.
Financial Associate James Murad assisted on the deal.
Centaur Properties and Greyscale Development Group are developing the 135,000 s/f Jardim condominium on a block-through site between 27th and 28th Streets.
The complex will include 36 apartments ranging from one to four bedrooms, 12,000 square feet of retail, and 39 parking spaces. “World-renowned Brazilian architect Isay Weinfeld is designing this one-of-a-kind building that will feature an inner courtyard and garden,” Hakim said.
“The condominium is located in the High Line district of West Chelsea, which is currently one of the hottest neighborhoods in New York City.”
Hakim and Zabala recently joined Managing Director Jonathan Aghravi, who launched Eastern’s Capital Advisory Division in 2014.
They will service Eastern’s existing clients, while continuing to develop new business in conjunction with Aghravi and the Capital Advisory Division.
Hakim and Zabala brought their book of business to Eastern and have a strong and diverse track record of executing highly structured mezzanine and senior portfolio debt transactions with various developers/owners. They have overseen a combined $8 billion in transactions.
The Capital Advisory team arranges the origination of commercial real estate debt and equity for all property types.