The Lightstone Group has closed a $43 million pre-development loan with Banco Inbursa for its Fulton Street Project.
The loan has a one-year term with two one-year extensions. The project is an assemblage of three fee parcels and seven air-rights parcels in Lower Manhattan, between Nassau and Dutch streets, creating a 422,000 gross square foot development site. The parcels were all acquired by Lightstone for approximately $76 million.
Upon completion, the project will consist of 475 luxury residential units in 58 stories. The building will have a suite of amenities that include a 24-hour doorman, roof-top terrace and full fitness center. There will also be two floors totaling 20,000 s/f of retail space with 18 ft. finished ceilings.
The estimated development cost for the Fulton Street project is $280 million.
David Lichtenstein chairman and CEO of Lightstone, said he hope the finance deal was the beginning “of a great long-term partnership between Lightstone and Banco Inbursa.”
Demolition on the site is expected to begin shortly.