The Real Deal New York

Taconic secures $200M loan for Hell’s Kitchen resi project

392-apartment development includes 79 affordable units

May 13, 2015 03:05PM
By Rey Mashayekhi

525 West 52nd Street

Charles Bendit and rendering of 525 West 52nd Street in Hell’s Kitchen

Taconic Investment Partners secured a $200 million loan from Wells Fargo Bank and the New York State Housing Finance Agency to finance its residential development at 525 West 52nd Street in Hell’s Kitchen, according to records filed with the city Wednesday.

The mortgage – consisting of a $170 million building loan and a $30 million project loan – will fund the planned 392-unit, 466,000-square-foot development. The project will feature 312 market-rate apartments as well as 79 affordable units, plus more than 30,000 square feet of rentable retail space.

Taconic is developing the project jointly with investment firm Ritterman Capital and the nonprofit Clinton Housing Development Company. Mitsui Fudosan America may also be involved in the development, with the U.S. subsidiary of Japan’s largest real estate company copied as a mortgagor.

Neither Taconic nor Mitsui Fudosan could be reached for comment.

Upscale grocery store Urban Market was in discussions late last year to anchor the development’s retail spaceThe Real Deal reported.