Broad Street lands $96M loan for Nolita development

Bank of the Ozarks provided the financing for the planned 61-unit building at 304 Mulberry

From left: 304 Mulberry Street and Broad Street Development’s Raymond Chalme and Daniel Blanco
From left: 304 Mulberry Street and Broad Street Development’s Raymond Chalme and Daniel Blanco

Raymond Chalme and Daniel Blanco’s Broad Street Development has landed $96 million in financing from Bank of the Ozarks for a planned 61-unit apartment building in Nolita.

The financing package includes a $63 million construction loan for the 12-story development at 304 Mulberry Street, loan documents show. The remaining $33.5 million from Bank of the Ozarks replaces an earlier acquisition loan.

Chalme and Blanco paid $178.5 million for 298 and 304 Mulberry in 2014, and transferred about 25,000 square feet of air rights from 298 Mulberry to No. 304, according to public records.

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Last year, Broad Street filed plans for a 103,000-square-foot building with roughly 11,000 square feet of ground-floor retail. The developers filed demolition permits for the existing structure in September.

Arkansas-based Bank of the Ozarks has become one of the most active construction lenders in New York since entering the market in 2012; its real estate loans swelled to $1.9 billion during the second quarter of this year, compared to $1.6 billion at the end of 2015.