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Helaba Bank antes up $42M for downtown dormitory

Arun Bhatia Development Organization (ABDO) announced that Helaba Bank has provided $42 million in permanent financing for ABDO’s recently completed ground up development at 35 Cooper Square.

The firm’s 12-story project, which also has the address 200 East 6th Street, has been fully leased and is now used as student dormitories by Marymount Manhattan College.

“The building at 35 Cooper Square exemplifies ABDO’s commitment to creating sophisticated living spaces designed for comfort, convenience, and the enhancement of students’ academic experiences,” said Arun Bhatia, the founder and CEO of Arun Bhatia Development Organization.

35cooperSquareIn 2010, Bhatia and Jeffrey Katz of Sherwood Equities formed a joint venture to purchase the land for 35 Cooper Square, with ABDO operating as the managing member and developer. The ABDO/Sherwood joint venture retained Triton Construction as the construction manager and Kossar + Garry Architects as the lead design team. The project was completed in July 2015, with less than 18 months of construction, and was fully occupied by Marymount Manhattan College in August 2015.

This loan represents the second major student housing lending transaction between ABDO/Sherwood and Helaba, which also financed the joint venture’s previous 648-bed dormitory project at 318 East 15th Street leased to The New School.

“We thank Helaba Bank for its continued collaboration with our organization,” said ABDO Vice President Anand Bhatia. “We appreciate their team’s commitment to the 35 Cooper Square project, and we look forward to continuing this longstanding relationship.”

“The Cooper Square dorm will provide Marymount Manhattan students with a first-rate living experience, and with retail space on the ground floor, will also serve as an amenity to the greater neighborhood,” said Jeffrey Katz, the CEO of Sherwood Equities. “We are proud to work on this project that will add to the fabric of this dynamic community.”

ABDO and Sherwood Equities will soon break ground on a 16-story luxury condominium project at 10 West 17th Street in the trendy Flatiron District.

Designed by Beyer Blinder Belle, the property will include 15 luxury residences. The residential building will be completed in spring 2018.
Some of ABDO’s most notable projects include luxury condominiums such as The Strand, The Stanford, The Whitney, The Dunhill, The Capri, and 139 Wooster Street in SoHo. The organization has also developed six major student residences, creating over 2,000 living spaces in Manhattan.

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