Savanna lands $176M loan for
Morningside Heights condo project

PE fund planning 170-unit building at Jewish Theological Seminary site

Jan.January 19, 2018 04:30 PM

Christopher Schlank 525 West 122nd Street (Credit: Max Dworkin and Google Maps)

Savanna landed a $176 million construction loan from Deutsche Bank for its planned Morningside Heights condominium building.

The German lender provided the financing for the 170-unit project at 525 West 122nd Street, property records filed with the city Friday show.

A representative for Savanna declined to comment.

The private equity firm paid $96 million in early 2016 to buy the property and air rights from the Jewish Theological Seminary in a deal that provided the institution with funds to renovate its existing buildings.

The complex deal earned the seminary’s brokers, David Carlos and Ira Schuman of Savills Studley, the second-place prize at the Real Estate Board of New York’s Most Ingenious Deal of the Year awards.

Savanna plans to build a 32-story building spanning a little more than 451,000 square feet.

Related Articles

With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

(Credit: iStock)

Thousands of CRE borrowers call on banks for debt relief

Banks, funds, mortgage REITs, and agencies like Fannie Mae and Freddie Mac have all begun adjusting their lending approach in face of the economic downturn (Credit: iStock)

These are the sectors where real estate lending is still happening: report

Angel Oak Cos. CEO Michael Fierman and Flagstar Bancorp Inc. CEO Alessandro DiNello (Credit: Angel Oak, Flagstar, iStock)

Mortgage market dries up for unconventional home loans

US Steel’s sprawling South Works site is about the size of Downtown Chicago. At left, Common, who wants to partner with developers on a mixed-use entertainment district there, and Dan McCaffery, whose vision for a 13,000-home community fizzled out. (Credit: Common by Paras Griffin/Getty Images; McCaffery via McCaffery Interests; aerial by Cushman & Wakefield)

South Works, the 415-acre “magnificent property,” is Chicago’s biggest development opportunity

A WeWork office (Credit: Alex Tai/SOPA Images/LightRocket via Getty Images)

WeWork offers rent discounts as incentive to secure long-term leases

Sharif El-Gamal (Photo by Desiree Navarro/WireImage)

WATCH: Developer Sharif El-Gamal has Covid-19. But he’s one of the lucky ones