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New York

Gotham Organization secures $530M loan for Far West Side development

Development firm Gotham Organization has secured a $530 million construction loan from a group led by Wells Fargo for a residential complex on the Far West Side, according to Crain’s.

The development, called Gotham West, will consist of four buildings and about 1,240 residential units taking up almost a whole block between 44th and West 45th streets and 10th and 11th avenues. Construction is slated to commence in the third quarter of this year, according to the company’s website. More than 500 of the units have been designated as affordable housing.

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The loan is a sign of improvement for the beleaguered construction industry, according to Crain’s.

The Gotham development will include a 31-story, 700-unit Tower On 11th Avenue. Adjacent to the tower, a mid-rise building will house 297 affordable-housing units for low-, moderate- and middle-income families. Toward 10th Avenue, two 14-story buildings will be situated atop a platform over Amtrak tracks and will include 243 additional units of affordable housing. [Crain’s]

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AmtrakGotham OrganizationWells Fargo