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Deals & Dealmakers

Urban Standard Capital Provides $16 Million Inventory Loan For DDG Partners’ Tribeca Condo

Urban Standard Capital (USC), a NYC-based fully integrated real estate private equity firm, provided a $16 million condo inventory loan to DDG Partners, the developer of the high-end luxury condominium project 100 Franklin Street in Tribeca’s East Historic District. 

USC’s loan refinanced Bank OZK’s construction loan and will give DDG Partners additional runway to sell the units and maximize pricing.  Condo inventory financing is the fastest growing part of Urban Standard Capital’s lending business, which is expanding  across the United States.  

One hundred Franklin Street is a 22,336 sq. ft. building that features 10 residential units and 2 commercial units. All of the units boast private elevator landings and the two duplex penthouses have expansive outdoor space. The building is located on the corner of Church and Franklin Streets in close proximity to many art galleries and some of NYC’s best restaurants. It is being marketed by Douglas Elliman’s Development Marketing. 

“DDG delivered a very special and unique property to the market,” said Robert Levine of Urban Standard Capital. “100 Franklin exemplifies DDG’s thoughtful approach to design and development.” 

The client, DDG Partners, acted as designer, developer, and contractor for the project. 

The building is positioned in the heart of one of downtown’s most iconic junctions and the development’s 218-foot-long façade along Sixth Ave evokes the Romanesque Revival style with its Petersen Tegl hand-made Kolumba bricks.  The unique exterior architecture leads to interiors that are harmoniously functional and versatile. The oversized ceiling heights and windows as well as Admonter 7.5” wide signature custom flooring all create a sense of lightness and elevated living.

Seth Weissman, Managing Partner of Urban Standard Capital, explained “We have different buckets of capital enabling us to provide varying levels of capital according to each sponsor’s needs. Whether borrowers are looking for 40% loan to value or 75% loan to value, USC has capital solutions to meet their needs.”

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