Starwood shells out $105M for Restoration Hardware project

Site's been plagued by fatal construction accident
July 21, 2017 08:30AM

Rendering of Restoration Hardware project

Starwood Mortgage Capital reportedly provided a $105 million loan for Aurora Capital Associates and William Gottlieb Real Estate’s Restoration Hardware project in the Meatpacking District.

The 10-year loan retires a $60 million loan from Wells Fargo, the Commercial Observer reported. Aurora and Gottlieb are building a 60,000-square-foot retail project at 9-19 Ninth Avenue, where Restoration Hardware signed a 15-year lease worth $250 million.

Iron Hound Management’s Rob Verrone brokered the deal with Starwood.

The site’s been plagued by controversy following the death of a 22-year-old construction worker in April 2015. The contractor on the site, Harco Construction, was convicted of manslaughter and negligent homicide for its role in the worker’s death.

Last month, Starwood’s affiliate — Starwood Capital Group — provided developers Steve Witkoff and Ian Schrager with a $173.3 million loan to refinance their hotel-condominium at 215 Chrystie Street[CO] —Kathryn Brenzel