Ken Horn’s Alchemy Properties and the Carlyle Group secured $102 million in financing for a planned 32-unit condominium building on the Upper West Side, according to property records filed with the city Friday.
The lender, Bank of the Ozarks, provided a $59 million construction loan and replaced a $42.5 million acquisition loan from Israel Discount Bank.
Alchemy and Carlyle bought the site at 2255 Broadway, at the corner of West 81st Street, for $51 million in 2016, with plans to replace the three-story retail building with residential condos.
In April, the Department of Buildings approved plans for an 18-story building to be designed by Robert A.M. Stern Architects. The building will span 95,139 square feet with 31 residential units and 11,587 square feet of ground-floor retail.
Construction is underway at the property, which has been rebranded as 250 West 81st Street, and is scheduled for completion in spring 2019. Stribling & Associates, together with Alchemy, will market the luxury units. The brokers will be Timothy McCarthy and Caleb Hartzler of Alchemy Properties and Alexa Lambert of Stribling Marketing Associates.
Alchemy confirmed the details of the financing.