David Lichtenstein’s Lightstone Group locked down an $85.3 million construction loan for its condominium development at 40 East End Avenue on the Upper East Side.
Bank of the Ozarks provided the financing, the Commercial Observer reported. The loan has a three-and-a-half term with a one-year extension, according to the publication.
The development firm paid $32.5 million for the six-story residential rental building at East End Avenue in 2015.
The developer is planning to demolish the building and construct an 18-story, 30-unit building in its place. The units will be two to four-bedrooms, and building amenities will include a parking garage, a library, a catering kitchen a game room, a fitness center and storage rooms. The architects involved in the project are Deborah Berke Partners and Gerner Kronich + Valcarcel.
Lightstone recently announced it is ditching plans to built a hotel at 130 William Street and is instead moving ahead with a condo development. In December, it filed a test-the-market application for 244 condo units at the building.