HSBC Bank has refinanced The Shephard condominium building in Manhattan’s West Village neighborhood with a $65.9 million loan, Real Estate Capital has learned.
The Naftali Group partnered with Starwood Capital Group in May of 2014 to purchase the 12-story landmarked building for $68.2 million. A previous $78.6 million acquisition loan from HSBC was placed at that time and used in part to fund the rental-to-condo conversion of the property.
Naftali converted the building from 142 rentals to 42 condos. While the original red brick facade was left intact, the interior — walls, windows, overall structure and mechanical systems — was gut renovated. Early estimates put the renovation costs at around $20 million.
Prices on vacant units in the building now run from $5 million for a two-bedroom up to $29.5 million for a five-bedroom, five bath, 6,000 sq ft apartment, the priciest of three penthouses. The building has a gym, spa, game room and a communal garden.
The building was built in 1896 as the Everard Storage Warehouse. In 1929 it became the Shephard Warehouse, and in the 1970s it was converted by developer Rockrose into 145 rental units.
Naftali’s portfolio of more than 20 properties is mainly concentrated in Manhattan and Brooklyn. The developer also owns The Carlyle in Beverly Hills, Los Angeles and is involved in at least two developments in Singapore.