The Real Deal New York

Urban Muse scores $67M in financing for 1 Beekman

Bank of Ozarks provided the loan

June 09, 2016 01:31PM
By Rich Bockmann

A concept of 1 Beekman Street (Credit: Pei Cobb Freed & Partners) and Glauco Lolli-Ghetti

A concept of 1 Beekman Street (Credit: Pei Cobb Freed & Partners) and Glauco Lolli-Ghetti

Developer Urban Muse landed $67 million in construction financing for its planned 25-story residential building at 1 Beekman Street near City Hall.

The Chinatown-based developer of projects like 200 11th Avenue in West Chelsea locked down a $35 million building loan and a $5.89 million project loan with a $26.2 million senior loan on May 26, according to records filed with the city Thursday.

The Arkansas-based Bank of Ozarks, which is increasingly active in the New York residential market, was the lender.

Neither Urban Muse nor the bank could be immediately reached for comment.

Urban Muse, headed by Glauco Lolli-Ghetti, bought the development site at the corner of City Park Hall back in late 2014 for $52 million. Last summer the firm filed plans to build a 25-story, 72,287 square-foot building on the site with 29 units. SLCE is the architect of record.

Bank of Ozarks recently lent $61 million to Tribeca Associates for its 26-story hotel development at 143 Fulton street, as well as $84 million on Cape Advisor’s 12-story condominium project at 30 Warren Street near City Hall.

 

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