Property Markets Group and Madison Equities have received $95 million in financing to build the luxury condominium planned for 10 Sullivan Street in Soho.
The project calls for 19 luxury condos and four five-floor townhomes to be built over the next 24 months.
According to the New York Observer, the five-year construction loan was provided by an offshore lender without recourse.
“80-percent loan-to-cost construction financing for a ground-up condominium development is incredibly rare in the current market cycle,” Jason Cohen, managing director of Mission Capital Advisors, which negotiated the loan, said in a statement.
Mission Capital’s director Ari Hirt added that the interest rate on the loan was “unexpectedly low for this leverage.” [NYO] – Christopher Cameron