JDS, Largo secure $75M loan for High Line condo project

New project in Chelsea will be 10 stories tall and include 14 units

New York /
Jul.July 20, 2015 10:30 AM

Michael Stern and Largo Investments received a $74.5 million construction loan for the Fitzroy, a 10-story condo building on West 24th Street.

Stern’s JDS Development received the loan for the High Line project from Santander Bank, according to Crain’s.

JDS and Largo bought the development site at 514 West 24th Street last year for $35 million. Altogether, construction of the 14-unit project could be $120 million. Roman and Williams is designing the building.

Santander Bank provided a $57 million construction loan, while First Key Residential provided $17.5 million in preferred equity.

JLL’s Aaron Appel handled the financing.

The construction loan was provided by Santander = $57 mill, preferred equity was provided by First Key Residential = $17.54 million

Stern secured a $725 million construction loan from AIG and Apollo Global Management last month for the mega-tower he is developing with Kevin Maloney‘s Property Markets Group at 111 West 57th Street. [Crain’s] — Claire Moses


Related Articles

arrow_forward_ios
Cerberus Global Investments President Lee Millstein
Cerberus raises nearly $3B for new real estate fund
Cerberus raises nearly $3B for new real estate fund
Zigg Capital's Dave Eisenberg and Ryan Orley (Zigg, iStock)
Zigg Capital nabs $225M to invest in proptech startups
Zigg Capital nabs $225M to invest in proptech startups
NFT-based game The Sandbox is allegedly worth $37 million. (Getty, The Sandbox)
Digital “land” in video games attracts NFT investors
Digital “land” in video games attracts NFT investors
135 West 29th Street and Kaufman Organization CEO Edward Hart (Google Maps, Kaufman)
Kaufman Org closes on $35M ground lease deal
Kaufman Org closes on $35M ground lease deal
TRD Tips: Bradley Tusk gives a crash course on SPACs
TRD Tips: Bradley Tusk gives a crash course on SPACs
TRD Tips: Bradley Tusk gives a crash course on SPACs
Hedge fund manager Robert Citrone (Getty)
This “Tiger Cub” hedge funder owns nearly 10% of Compass
This “Tiger Cub” hedge funder owns nearly 10% of Compass
Apollo Global Management will take over craft retailer Michaels in a deal that values the company at $3.3 billion. (Wikipedia Commons, iStock)
Craft retailer Michaels to go private in $5B deal
Craft retailer Michaels to go private in $5B deal
A Columbus Circle apartment once owned by Tom Brady and Gisele Bundchen  went into contract last week, helping the Manhattan luxury home market finish February on a high note. 551 West 21st Street on the right. (Photos via Compass, Getty, Foster and Partners)
Manhattan luxury market has best month in six years
Manhattan luxury market has best month in six years
arrow_forward_ios

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

Loading...