Deutsche Bank has provided $115m to Savanna Real Estate Fund for an upcoming 160,000 sq ft, nine-story, office and art gallery building at 540 West 26th Street in the Chelsea neighborhood of Manhattan.
Savanna paid the New York-based Silvermintz family a reported $24.7m for the site in September of 2014, city property records show.
Plans for the redevelopment project include 29,000 sq ft of gallery space and about 100,000 sq ft of office space. Manhattes Group has been reportedly hired as the exclusive leasing agent.
Developers broke ground last week but had been delayed due to a legal battle between Lehmann Maupin Gallery, which held tenancy in the previous building, and the Silvermintz family. The older property, a two-story art gallery, has now been demolished.
In another financing earlier this month for a redevelopment project, Deutsche Bank provided a $45m loan to New York-based Madison Realty Capital for the acquisition of the Brooklyn Whale Building. The seven-story, 400,000 sq ft industrial property in the Sunset Park neighborhood of Brooklyn will be converted into a creative office space, as previously reported.
New York-based Savanna, founded in 1992, is a real estate investment and development firm focused on opportunistic investment strategies. The firm’s funds invest in middle-market real estate assets including office, retail, residential, and industrial properties.
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