Arch Companies and its partners have secured a $45 million construction loan from Maxim Capital Group to fund its latest development project at 11 Greene Street in SoHo.
Construction of 11 Greene Street, a mixed-use project, is well underway and vertical building has commenced.
Upon completion, the development will offer 31 loft inspired luxury rental apartments and 11,650 s/f of ground-floor retail space with 200 feet of frontage along Greene Street.
With financing secured, Arch Companies anticipates completion of the Gene Kaufman-designed building in 2019.
Arch has recently moved into its new corporate headquarters at 524 Broadway. The firm which launched in January 2018 has already closed on the acquisition of a value-add multifamily property and a single-tenant office building in the greater LA area as well as a development assemblage in the Edgewater neighborhood of Miami.
“Arch has made its mark with new acquisitions and ground up development, and it hasn’t taken the company long to demonstrate its entrepreneurial spirit,” said Brian Steiner, principal and co-founder of Maxim Capital Group.
“At Maxim, we appreciate pioneers and in our commitment to lending, visionary companies like Arch are top-priority on our list of potential partners. We look forward to seeing 11 Greene Street progress and sharing in this success.”