Bauhouse Group gets $35M loan for Chelsea condo project

Developer financing other costs at 515 West 29th Street with equity

TRD New York /
Jun.June 26, 2014 06:20 PM

The Bauhouse Group has secured a $35 million construction loan from Doral Bank to finance its condominium-and-retail project in Chelsea.

The developers acquired a 35,000-square-foot, six-story warehouse at 515 West 29th Street for $24.4 million in September, and purchased three additional parcels of air rights for a total of $6 million in March. Until now, the project has been financed by equity, the New York Observer reported.

The 30-month construction loan, arranged by Wolfson Capital, carries a 6 percent interest rate.

“We are pleased to have a project that is fully financed through completion,” Joseph Beninati, a manager at the Bauhouse Group, told the Observer.

Construction on the development started last month, and marketing, which the Corcoran Group is handling, is slated to start in the fall.

Last week, Beninati was hit with a $10 million lawsuit, in which he and others were accused of falsely claiming to hold a 10 percent stake in PicShare, as The Real Deal reported. [NYO]Sasha von Oldershausen


Related Articles

arrow_forward_ios
Bed Bath & Beyond at 620 6th Avenue and CEO Mark Tritton (Google Maps; Getty; iStock)

Bed Bath & Beyond will renovate, not close, Chelsea store

Bed Bath & Beyond will renovate, not close, Chelsea store
A rendering of 556 West 22nd Street (Photo by BASIS Independent Schools)

Private school to expand in former Chelsea Art Museum building

Private school to expand in former Chelsea Art Museum building
HFZ Capital’s condo the XI has sold 38 of its 236 units (iStock)

HFZ’s Chelsea condo now effective, with 16% of units sold

HFZ’s Chelsea condo now effective, with 16% of units sold
Clockwise from left: 432 West 19th Street, 61-15 Metropolitan Avenue in Ridgewood, 45 West 39th Street and 1518 Macombs Road in the Bronx (Google Maps)

Charter school shells out $21 million for Bronx parcels

Charter school shells out $21 million for Bronx parcels
357 West 17th Street (Douglas Elliman)

Chelsea manse once listed for $37M sells after 41% price chop

Chelsea manse once listed for $37M sells after 41% price chop
From left: Daniel Shirazi, and Robert Khodadadian, with 530 West 25th Street

Feil Organization buys Chelsea office building for $72M

Feil Organization buys Chelsea office building for $72M
Clockwise from top left: 3860 Nostrand Avenue in Brooklyn, 50 Manhattan Avenue and 250 and 254 West 23rd Street (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Here’s what the $10M-$30M NYC investment sales market looked like last week
Jason Lee and a rendering of 517-523 West 29th Street

Developer Jason Lee accused of defrauding investors at High Line condo project

Developer Jason Lee accused of defrauding investors at High Line condo project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...