Bank of the Ozarks leads $84m construction financing of Tribeca condos

Bank of the Ozarks and Terra Capital Partners have provided $84 million in financing for the construction of a residential condominium building at 30 Warren Street in Manhattan’s Tribeca neighborhood, split between a $65 million first mortgage and a $19 million mezzanine loan, respectively.

Bank of the Ozarks and Terra Capital Partners have provided $84 million in financing for the construction of a residential condominium building at 30 Warren Street in Manhattan’s Tribeca neighborhood, split between a $65 million first mortgage and a $19 million mezzanine loan, respectively.

The borrower, Cape Advisors, bought the land and a previous residential and retail building on the site in April of 2014 for $35 million, city property records show.

It will be replaced with a 12-story, 65,700 sq ft retail and residential condominium made up of 23 apartments across 40,600 sq ft, in addition to about 10,900 sq ft of ground and lower level retail.

A rendering of 30 Warren
A rendering of 30 Warren

The site includes 175-feet of frontage along the entire block front of Church Street, 50 feet of frontage on Warren Street, and 25 feet of frontage on Chambers Street. The apartments in the condominium will be comprised of five, one bedroom units; eight, two-bedroom units; and 10 three-bedroom units.

Adam Hakim and Sam Zabala, managing directors in Eastern Consolidated’s Capital Advisory Division, arranged the deal on behalf of the developer along with James Murad. Hakim noted in a statement that the retail component specifically adds “significant value” to the project, adding that the Tribeca neighborhood has has been transformed by over 20 million sq ft of new or converted commercial, retail, and residential development in recent years.

New developments include Silverstein Properties’ nearby 30 Park Place, an 82-story, 157-condo building atop a 189-room Four Seasons Hotel; and 56 Leonard Street on Church Street; not to mention the revitalized World Trade Center site, including One World Trade, the Calatrava designed Transit Center and the 9-11 Museum

Cape Advisors has completed over $1.5 billion in development projects, with a focus on detail and execution. Recent projects in New York include The Watchcase Factory and Baron’s Cove in Sag Harbor; 100 11th Avenue and One Kenmare Square in Manhattan; in addition to The Sandpiper Beach Club and Congress Hall in Cape May, New Jersey.

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