The Bank of the Ozarks provided a $58m construction loan to Madison Realty Capital for the development of One Great Jones Alley in Manhattan’s NoHo neighborhood.
The construction loan has a three-year term and was priced at Libor + 400 basis points, sources told Real Estate Capital.
The development, between Great Jones Street and East 4th Avenue, will consist of 16 condominium units and approximately 8,910 sq ft of retail space.
The property, being marketed as a luxurious “secret alley,” rise 12 stories and comprise 45,000 sq ft of mixed-use development, according to reports. It will feature a fitness center and spa, children’s play area and landscaped second floor terrace.
Managing director Aaron Appel and SVP Jonathan Schwartz led a JLL team on the transaction. “NoHo is one of Manhattan’s top residential markets but has high barriers to entry. Lenders recognized the unique opportunity this project presented,” Appel said in a statement.
The property is located along Broadway near shopping, dining, cultural attractions and the city’s public transportation.
In 2014, JLL Capital Markets completed $118bn in investment sale and debt and equity transactions globally.