Cogswell lands $67M construction loan for matzo factory conversion

LES property at 150 Rivington is being redeveloped into a 45-unit condo building

New York /
Mar.March 23, 2017 08:30 AM

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.

 

Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
(iStock)

Homebuilder sentiment falls for second month in a row

Homebuilder sentiment falls for second month in a row
From left: 527 Knickerbocker Avenue, 392 St Marks Avenue, 82 Jefferson Street in Brooklyn (Google Maps)

David Werner sues All Year over scrapped $344M portfolio deal

David Werner sues All Year over scrapped $344M portfolio deal
Donald Trump Jr. and Kimberly Guilfoyle with 492 & 494 Mariner Drive (Getty, Google Maps)

Don Trump Jr. and Kimberly Guilfoyle get cold welcome amid plans to buy homes in South Florida’s Jupiter

Don Trump Jr. and Kimberly Guilfoyle get cold welcome amid plans to buy homes in South Florida’s Jupiter
An aerial view of the four apartment buildings known as the Grand Putnam Portfolio (Google Maps)

Four bankrupt Brooklyn rentals look to escape rent regulation

Four bankrupt Brooklyn rentals look to escape rent regulation
NAR's Vince Malta (Photos via NAR; Pixabay; iStock)

NAR suspends federal political donations after Capitol attack

NAR suspends federal political donations after Capitol attack
arrow_forward_ios

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

Loading...