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| Rendering of planned residential condominium community at 12 East 12th Street, Greenwich Village, Manhattan, NY |
NEW YORK, NY – HFF announced today that it has arranged a
$62.4 million construction loan for the redevelopment of 12 East 13th
Street, a for-sale residential condominium project in Manhattan’s Greenwich
Village neighborhood.
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| Michael Gigliotti |
HFF worked on behalf of the borrowing team of DHA Capital,
Continental Properties and Ramius. HFF
secured the non-recourse loan through Apollo Commercial Real Estate Finance
(NYSE: ARI). Proceeds will be used to
redevelop an existing eight-story parking garage into a 12-story, luxury
residential condominium property called 12 East 13th Street.
The building is located just south of Union Square between
University Place and Fifth Avenue in Greenwich Village. The project is scheduled for completion in
spring 2015 and will consist of eight large residences along with street level
retail.
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| Andrew Scandalios |
The property will include three-, four- and five-bedroom
homes with high ceilings and top of the line finishes. The website for the building is:
www.12e13.com.
The
HFF team representing the borrower was led by associate director Michael
Gigliotti and senior managing director Andrew Scandalios.
“12
East 13th Street has an exceptional Greenwich Village location and each unit
will have a private automated parking space along with the best finishes in the
market, feeding the pent-up demand for large-format, super luxury residences,”
mentioned Gigliotti.
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| Greenwich Village, Thompson Street Manhattan, NY |
“The owner recognized this potential when purchasing the
site and Apollo Commercial Real Estate Finance confirmed the borrower’s vision
by providing a unique and comprehensive construction loan product.”
DHA Capital LLC is a NYC-based real estate development and
investment firm. Founded in 2009, DHA
focuses on the development of high-quality urban infill real estate
projects. The Principals of DHA are Daniel
Hollander and Joshua Schuster.
Continental Properties, one of the largest and most
successful residential building and development organizations in the tri-state
region, was founded more than 50 years ago.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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