The loan comes from Pacific Coast Capital Partners, according to Commercial Observer. It replaces and consolidates debt on the property provided in 2014 by Helaba.
The building between 10th and 11th avenues stands 14 stories tall and spans 265,000 square feet, and it was completed two years ago. It contains 280 apartments, roughly 20 percent of which are affordable.
USAA, DHA and Patrinely reportedly started looking to sell the property in October for about $230 million (roughly $821,000 a unit), but no deal has taken place yet. Cushman & Wakefield was tapped to market the property. [CO] – Eddie Small