Children’s Investment Fund (TCI) has provided a $265 million construction loan to hotel magnate Ian Schrager and three other companies on a 12-story condominium in Manhattan overlooking the Hudson River.
The London‐based hedge fund management firm provided the loan on the 160 Leroy Street development, a project of the Ian Schrager Company, who is co-developing the condominium with Ares Management, Weinberg Properties, and William Gottlieb Real Estate.
HFF’s debt placement team brokered the deal.
“Just as Ian Schrager redefined Bond Street, he is now transforming the West Village waterfront with this latest venture,” said Eric Anton, who helped broker the deal, in a prepared statement. “The irreplaceable location will soon be home to an iconic project.”
The 49-unit property is due for completion in 2017 and was designed by architecture firm Herzog & De Meuron.The Children’s Investment Fund previously provided an $850 million construction loan for the nearby 15 Hudson Yards development.
Earlier this year, Schrager’s lifestyle hotel concept and brand “EDITION” marked its first presence on the West Coast when Cornerstone Real Estate Advisors provided a $260 million construction loan for West Hollywood EDITION Hotel & Residences.
Schrager completed another residential project in Manhattan at 40 Bond Street in 2007. He was a business partner to the late Steve Rubell, who created the legendary Studio 54 and Palladium nightclubs, and the partners turned their attention to the hotel business in 1984, according to the company website.
TCI Fund and Schrager declined to comment.