The Lightstone Group got the boost it needed for its $280 million Lower Manhattan tower project – a $43 million construction loan from Mexico-based Banco Inbursa SA, the Wall Street Journal reported.
The interim bridge loan has a one-year term with two one-year extensions. Lightstone plans to build a 48-story tower at Fulton Street, between Nassau and Dutch streets, where five buildings now stand. The developer spent $76 million on the buildings – along with air rights for several others – with the intention of tearing them down in October.
Construction on the tower, which will have 475 residential units and nearly 20,000 square feet of retail space on two floors, is scheduled to start in February and take two years, according to the newspaper.
About 20 percent of the units, or 93 apartments will be affordable, and Lightstone will give preference to Community Board 1 residents in Lower Manhattan, as previously reported. [WSJ, 2nd item] – Mark Maurer