Eastern Consolidated has placed a $115m loan to finance the construction of an 11-story luxury residential condominium at 527 West 27th Street in the High Line district of Manhattan’s West Chelsea neighborhood.
Bank of the Ozarks is the lender behind the three-year, floating rate loan, Real Estate Capital has learned.
Centaur Properties and Greyscale Development Group are developing the 135,000 sq ft Jardim condominium, which will include 36 one- to four-bedroom apartments, 12,000 sq ft of retail and 39 parking spaces.
It is located within the up-and-coming Hudson Yards development, a massive construction effort centered around a 17m sq ft mixed-use project being developed by Related Companies.
“This is one of the hottest neighborhoods in New York City,” said Adam Hakim, an Eastern Consolidated managing director who arranged the deal with Sam Zabala, also a managing director. “There are six or seven buildings going up at the same time.”
Designed by Brazilian architect Isay Weinfeld, the property is located on a block-through site between 27th and 28th Streets and will feature an inner courtyard and garden.
Hakim and Zabala just last week joined Eastern’s Capital Advisory Division, launched by managing director Jonathan Aghravi last year, bringing with them a book of business from Prospect Capital Group, a boutique capital markets shop. The duo has overseen a combined $8bn in transactions. Eastern Consolidated financial associate James Murad assisted on the deal.
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