Time Equities Inc. (TEI) and Hamlin Ventures have secured a $56.75m loan for their latest development project at 34 Prince Street in Downtown Manhattan’s Nolita neighborhood.
The three-year construction and development loan was provided by M&T Bank, sources told Real Estate Capital. The funds will be used to redevelop the site of a former St. Patrick’s Cathedral school into seven condominium units and two townhomes after the joint venture partners acquired the site for $30.7m towards the end of 2014.
“With almost 4,000 new residential units in the pipeline, Downtown Manhattan has quickly grown into a coveted location and with 34 Prince’s chic neighborhood and historically significant character, we found the site to be incredibly desirable,” said Francis Greenburger, founder and CEO of TEI, in a statement. “We are confident that the development will be a notable addition to the neighborhood’s rapidly evolving landscape.”
Built in 1825 and designed by Joseph Francois Mangin, who also designed New York’s City Hall, the federal style three-story structure was declared a city landmark in 1966 and listed on the National Register of Historic Places.
Once home of a school serving St. Patrick’s Old Cathedral, the premiere cathedral church for the Diocese of New York, the property saw incarnations as the Roman Catholic Orphanage, St. Patrick’s Convent and Girl’s School and also an educational institution for both boys and girls.
Nolita, the northern area of Little Italy, consists of roughly 16 blocks and is bounded by East Houston Street to the north, Kenmare Street to the south, the Bowery to the east and Lafayette Street to the west.
Aaron Medeiros, director of acquisitions and policy at TEI, arranged the refinance of the property with Stuart Bruck, director of TEI’s Mortgage Brokerage Division. Medeiros will represent TEI as development manager.