HAP scores $42M in funding for Chelsea rental-condo project

Eran Polack's firm is planning a $387M development on West 28th Street

New York /
Sep.September 12, 2016 01:46 PM

Plans for a mixed-use development in Chelsea are one step closer to reality, with HAP Investments securing $42 million in financing for its project at 215-227 West 28th Street.

The $42 million in financing came from Daiwa House Texas, a subsidiary of Daiwa House Group, according to documents filed with the city Friday. A spokesperson for the company was not immediately available for comment.

With the financing, HAP TRData LogoTINY also closed on the $30 million purchase of the site at 227 West 28th Street. It already owns several other parcels on that block. HAP, which is headed up by Eran Polack, spent more than $76 million to assemble the other parcels for the Chelsea development site.

The $387 million rental-condo project is slated to have two adjoining buildings. Along with both condo and rental apartments, there are plans to include 8,200 square feet of retail space. A number of designs for the project put forward, with the latest renderings from DXA Studio. HAP has only filed plans for one of the two buildings, which will measure just over 183,000 square feet.

As The Real Deal reported in June, HAP had been seeking $60 million from EB-5 investors. That program awards green cards to foreigners who invest $500,000, and has been popular with big name developers like Extell and Related in the past.


Related Articles

arrow_forward_ios
Clockwise from left: 329 Pleasant Avenue, 419 East 117th Street, 2338 Second Avenue and 2211 Third Avenue with HAP CEO Eran Polack 
HAP Investments pitching East Harlem rental portfolio as $130M upside play
HAP Investments pitching East Harlem rental portfolio as $130M upside play
Closing time: HFZ vacates the XI sales gallery in Chelsea
Closing time: HFZ vacates the XI sales gallery in Chelsea
Closing time: HFZ vacates the XI sales gallery in Chelsea
From left: Furnished Quarters' Steven (left) and Gary Brown with 315 West 33rd Street (left) and 158 West 27th Street (Furnished Quarters, CityRealty, CityFeet)
Landlords sue hospitality stalwart Furnished Quarters
Landlords sue hospitality stalwart Furnished Quarters
Ira Drukier with the Hotel Chelsea (Getty, Patrick McMullan/Getty)
Chelsea Hotel owners sue city for $100M over renovation delays
Chelsea Hotel owners sue city for $100M over renovation delays
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)
Chelsea and Bronx purchases power mid-market i-sales
Chelsea and Bronx purchases power mid-market i-sales
arrow_forward_ios

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

Loading...