The Real Deal New York

JDS, Largo secure $75M loan for High Line condo project

New project in Chelsea will be 10 stories tall and include 14 units

July 20, 2015 10:30AM

Rendering of 514 West 24th Street (credit: Roman & Williams) and Michael Stern (inset)

Rendering of 514 West 24th Street (credit: Roman & Williams) (inset: Michael Stern)

Michael Stern and Largo Investments received a $74.5 million construction loan for the Fitzroy, a 10-story condo building on West 24th Street.

Stern’s JDS Development received the loan for the High Line project from Santander Bank, according to Crain’s.

JDS and Largo bought the development site at 514 West 24th Street last year for $35 million. Altogether, construction of the 14-unit project could be $120 million. Roman and Williams is designing the building.

Santander Bank provided a $57 million construction loan, while First Key Residential provided $17.5 million in preferred equity.

JLL’s Aaron Appel handled the financing.

The construction loan was provided by Santander = $57 mill, preferred equity was provided by First Key Residential = $17.54 million

Stern secured a $725 million construction loan from AIG and Apollo Global Management last month for the mega-tower he is developing with Kevin Maloney‘s Property Markets Group at 111 West 57th Street. [Crain’s] — Claire Moses