The Real Deal New York

Savanna lands $176M loan for
Morningside Heights condo project

PE fund planning 170-unit building at Jewish Theological Seminary site
By Rich Bockmann | January 19, 2018 04:30PM

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.