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Savanna secures $105M bridge loan on midtown office condo

Alexander Shing’s LA-based  Cottonwood Group, a private equity real estate investment firm, has closed on a $105 million bridge loan for The Six, a newly-developed boutique office building located at 106 West 56th Street in Manhattan developed by New York-based real estate developer Savanna.

Cottonwood senior vice president of Investment Jeffrey Horowitz made the announcement.

“Investing in high profile projects with complex and unique attributes is our strength at Cottonwood,” said Horowitz. “The Six opened during a global pandemic. However, given our knowledge of the project’s potentially post COVID-friendly layout and the market’s recent strides towards recovery, we knew it was a solid investment and one we were happy to make to a proven developer such as Savanna.”

106 WEST 56TH STREET rendering

The $105 million bridge loan was used to refinance a construction loan that was maturing. The transaction is the seventh investment to date through the Cottonwood Real Estate Founders Fund that launched in May of 2021.

Designed by Perkins Eastman and developed by private equity firm Savanna along with Hong Kong-based developer Atom Assets, the 27-story structure rises between Sixth Avenue and Seventh Avenue, one street to the south of Billionaires’ Row.

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