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JV secures $215M construction loan for Manhattan, NY, residential project

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JV secures $215M construction loan for Manhattan, NY, residential project

A joint venture between Cape Advisors and Strategic Real Estate landed a $215 million loan for the construction of their residential development at 537 Greenwich St. in Manhattan, N.Y., Real Estate Weekly reported.

Bank of the Ozarks, who also provided the developers a bridge loan to purchase the lots and air rights for the site, agreed to the financing deal, the publication noted.

The development site has a zoning floor area of 228,000 square feet and comprises two joint lots, 537 Greenwich St. and 110 Charlton St. Cape. Its air rights were acquired from five adjacent and nearby properties.

China State Construction Engineering Corp. fully owns CSCEC Holding Co. Inc., which is the parent company of Strategic Real Estate, the report noted.