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Douglaston Development eyes $415M loan for planned NYC apartment tower

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Douglaston Development eyes $415M loan for planned NYC apartment tower

Douglaston Development LLC is seeking $415 million in construction financing for its planned $580 million multifamily development at 601 W. 29th St. in New York City, the Commercial Observer reported.

According to the report, the planned 58-story, 931-unit apartment tower is expected to be completed in 2022.

Greystone Bassuk President Drew Fletcher is negotiating the debt and is targeting a closing date around the end of the first quarter or early second quarter of 2019, the publication noted.

Bank OZK and Otéra Capital are potential contenders that could arrange the multimillion-dollar construction loan, as its size cannot be digested by a lot of firms, according to one lender who spoke with the Commercial Observer.