Trinity Place Holdings Inc. said it closed a four-year, $189.5 million construction loan to finance the development of a roughly 300,000-square-foot mixed-use building at 77 Greenwich St. in Manhattan, N.Y.
The project will include 90 luxury condominiums; a public elementary school, which will occupy the first eight floors; 7,500 square feet of street-level retail and a new subway entrance on Trinity Place. The project also contemplates the adaptive reuse of the landmarked Robert and Anne Dickey House.
In addition to the new loan, which has one extension option, project costs will be covered through equity already funded by Trinity Place and future contributions by the New York City School Construction Authority. The School Construction Authority and Trinity Place entered agreements regarding the design and construction of the shell and core of the school. The School Construction Authority will purchase a condominium interest in the project and, at substantial completion, will finish the interior construction.
Trinity Place said it expects the condos and subway improvements to be complete by the end of 2020.