ACORE Capital has provided $82.5 million in financing to Brack Capital Real Estate on its 107,000 sq ft mixed-use redevelopment at 627 Greenwich Street in the West Village neighborhood of Manhattan.
The financing includes a construction loan and in part pays off the remaining debt from an earlier $87.3 million acquisition loan provided by Apollo Commercial Real Estate Finance and Israel Discount Bank, country records show.
The borrower purchased the property from an affiliate of Criterion Real Estate Capital for $105 million in November 2014.
The property (alternatively named 90 Morton Street) is currently a vacant 12-story industrial and storage facility. The developer has applied to transform the industrial property into a 34-unit luxury residence and commercial property, according to plans filed with the city.
ACORE, headed by former Starwood Property Trust executives, has originated at least $4 billion across 60 deals since its formation last year.
This August, ACORE Capital provided a total of $221.8 million in financing on two Los Angeles area properties, Real Estate Capital first reported.
The previous month, the firm also provided a $136 million acquisition loan for the purchase of a commercial property in the Long Island City neighborhood of Queens, New York, while this June the company originated the $53 million financing for the acquisition and residential conversion of a downtown Chicago office building.