Developer Friedland Properties has secured a $182m loan for the construction of a mixed-use development project at 7 West 21st Street in Manhattan’s Flatiron District.
The loan was provided by the New York State Housing Finance Agency. Wells Fargo Bank is the mortgage servicer.
The mid-block, through‐lot development will include two residential towers up to 185 feet tall, on West 21st and West 22nd Streets, joined by a ground‐floor retail space, according to preliminary plans filed with the city.
The project will be part of the New York State Housing Finance Agency’s 80/20 program, requiring that 20% of residential units be deemed “affordable” based on median income guidelines for the area; in this case 67 out of 333 potential units.
Friedland, founded in 1960, owns a portfolio of more than 100 commercial real estate properties on the East Coast of the US. Among other residential Manhattan properties, the firm owns The Melar at 250 W 93rd Street
Wells Fargo, among the country’s largest lenders, provided a $200m construction-to-perm financing facility earlier this month for the development of another 80/20 property, a residential complex on Manhattan’s far west side at 525 West 52nd Street. (M&T Bank and J.P. Morgan Chase were co-lenders on that deal).
The project is slated for completion in 2017.