search

The Real Deal Logo

Trending

“I wouldn’t use it, I would just lock the door”: Landlords pan new rehab law“I wouldn’t use it, I would just lock the door”: Landlords pan new rehab lawBillionaire hedge funder Larry Robbins makes South Florida moveBillionaire hedge funder Larry Robbins makes South Florida moveHow Hochul played the “good cause eviction” game, and wonHow Hochul played the “good cause eviction” game, and wonAfter yearslong litigation, former lender wins lawsuit tied to Miami Design District dev siteAfter yearslong litigation, former lender wins lawsuit tied to Miami Design District dev site
New York

Charles developer secures $86M construction loan

A rendering of the interior of the Charles (credit: Seventh Art)
A rendering of the interior of the Charles (credit: Seventh Art)

Bluerock Real Estate, the developer of the Charles condominium at 1355 First Avenue, has secured an $86 million construction loan for the project from Starwood Property Trust, it announced today.

The 31-story luxury condominium development is already underway, with Bluerock having broken ground on the site in November 2012. Foundation work is currently ongoing.

Sign Up for the undefined Newsletter

Upon completion, the Ismael Leyva-designed building, located between East 72nd and East 73rd streets, will include 29 private full-floor three-, four-, and five-bedroom residences with floor plates of 3,100 to 3,600 square feet.

Town New Development Marketing and Sales has been selected to market the property, which is slated for completion in 2014. –Katherine Clarke

Tags
Starwood Property Trust