The Real Deal New York

HAP scores $42M in funding for Chelsea rental-condo project

Eran Polack's firm is planning a $387M development on West 28th Street

September 12, 2016 01:46PM
By Miriam Hall

Rendering of 215 West 28th Street (inset: Eran Polack)

Rendering of 215 West 28th Street (inset: Eran Polack)

Plans for a mixed-use development in Chelsea are one step closer to reality, with HAP Investments securing $42 million in financing for its project at 215-227 West 28th Street.

The $42 million in financing came from Daiwa House Texas, a subsidiary of Daiwa House Group, according to documents filed with the city Friday. A spokesperson for the company was not immediately available for comment.

With the financing, HAP TRData LogoTINY also closed on the $30 million purchase of the site at 227 West 28th Street. It already owns several other parcels on that block. HAP, which is headed up by Eran Polack, spent more than $76 million to assemble the other parcels for the Chelsea development site.

The $387 million rental-condo project is slated to have two adjoining buildings. Along with both condo and rental apartments, there are plans to include 8,200 square feet of retail space. A number of designs for the project put forward, with the latest renderings from DXA Studio. HAP has only filed plans for one of the two buildings, which will measure just over 183,000 square feet.

As The Real Deal reported in June, HAP had been seeking $60 million from EB-5 investors. That program awards green cards to foreigners who invest $500,000, and has been popular with big name developers like Extell and Related in the past.