The Real Deal New York

Cogswell lands $67M construction loan for matzo factory conversion

LES property at 150 Rivington is being redeveloped into a 45-unit condo building
By Chava Gourarie | March 23, 2017 08:30AM

Cogswell Lee Development scored a $66.5 construction loan for 150 Rivington Street, a 45-unit condo rising on the site of a former matzo factory, sources told The Real Deal.

Deutsche Bank is providing the financing for the Lower East Side project. The only previous debt on the property at 150 Rivington Street is a $23 million acquisition loan provided by Centennial Bank in 2015.

The proposed seven-story building, designed by Gluck+, will include about 10,000 square feet of ground-floor retail, sources said. Sales for the 45 residential units launched in July with prices ranging from $1 million for a one-bedroom to $3.8 million for the four three-bedroom penthouses. Occupancy is slated for 2018, and the total expected sellout is $118.9 million, according to an offering plan filed with the New York Attorney General.

Maverick Commercial Properties’ Adi Chugh brokered the deal. Neither Cogswell nor Chugh could be reached for comment.

Cogswell scored the loan in a challenging environment for new condo construction financing, with many major banks shying away from backing ground-up projects.

Hiten Samtani contributed reporting.