Helaba Bank has provided $42 million in permanent financing to Arun Bhatia Development Organization (ABDO) for 35 Cooper Square, a new 12-story development in Manhattan’s NoHo neighborhood that has been fully leased to Marymount Manhattan College for student dormitories.
Arun Bhatia of ABDO and Jeffrey Katz of Sherwood Equities bought the land at 200 East 6th Street in October 2010 for $8.5 million, city property records show. Helaba provided a $10 million construction loan in January 2014.
With ABDO as operating as the managing member and developer, the joint venture then retained Triton Construction as the construction manager and Kossar + Garry Architects as the lead design team, completing the project in July 2015. The property includes space for 275 beds with a landscaped terrace on its seventh floor and 3,600 sq ft of street level retail.
This is the second loan from Helaba to ABDO and Sherwood, having also financed the joint venture’s previous 648-bed dormitory project at 318 East 15th Street, leased to The New School. ABDO and Sherwood will soon break ground on another condominium project at 10 West 17th Street in the Flatiron District.
Some of ABDO’s most notable projects include luxury condominiums such as The Strand, The Stanford, The Whitney, The Dunhill, The Capri, and 139 Wooster Street in SoHo. The organization has also developed six major student residences, creating over 2,000 living spaces in Manhattan for students.
Sherwood has developed and owns or manages New York City properties including One Times Square, Two Times Square, 1600 Broadway, The Coronado, The Saratoga, and a 250,000 sq ft development site in the Hudson Yards District. The firm is also behind the development of the luxury condominiums at 500 West 21st Street.