Wednesday, October 16, 2013

HFF arranges $62.4 million financing for condominium development in Manhattan’s Greenwich Village

  
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.

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. 


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. 

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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