The developers of 537 Greenwich Street landed a $215 million construction loan for their upcoming Hudson Square condominium tower.
A partnership of Strategic Capital, Forum Absolute and Cape Advisors tapped condo-friendly lender Bank of the Ozarks for the deal, Crain’s reported.
The developers will begin demolishing two existing structure on the site this month and estimate construction will last two years. Strategic’s Phillip Gesue told the publication he was planning to compete in a tight market by building smaller-than-average condos, with two-bedrooms set to measure about 1,500 square feet.
Strategic is the development arm of the China Construction America, which is in turn a subsidiary of the Chinese government-run China State Construction Engineering Corporation. It acquired a majority stake in the project in May, The Real Deal reported.
Last year, TRD profiled Bank of the Ozarks, a go-to for condo financing in a time of relative austerity for construction financing. [Crain’s]— Will Parker