Friedland Properties lands $182m construction loan

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.

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.

Among other Manhattan Properties, Friedland Properties also owns The Melar at 250 W 93rd Street
Among other Manhattan Properties, Friedland Properties also owns The Melar at 250 W 93rd Street

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.

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