RAL lines up $120M construction financing for Union Square tech hub

The 22-story development is being done by a partnership with Civic Hall and the NYC EDC

New York /
Apr.April 04, 2019 06:05 PM

A rendering of 124 East 14th Street

UPDATE: April 9, 2019, 10:30 a.m.: Construction of the city’s planned 22-story tech hub near Union Square can move forward, now that the project has secured $120 million in construction financing.

Bank OZK provided the debt for the Union Square Tech Training Development Center to the project’s developer, RAL Development, according to property records filed Thursday with the New York City Department of Finance. Meridian Capital Group’s Drew Anderman and Alan Blank secured the debt.

The lender declined to comment. RAL, which is developing the project through a joint venture with Junius Real Estate Partners, did not immediately return a request for comment.

The project is a partnership between the New York City Economic Development Corporation, RAL and Civic Hall, a technology-training nonprofit that will be the building’s anchor tenant.

The center will provide development and training for those in the tech industry, along with “step up” office space for growing companies and office space for more established firms in the industry. The project’s goal is to help foster the city’s tech ecosystem and create 600 “good-paying” jobs, according to the EDC.

The city agency filed plans for the project at 124 East 14th Street last year. It’s the site of a former P.C. Richard & Son building.

The project, which got the final green light from the City Council over the summer, hasn’t been without controversy; for example, some community groups including the Greenwich Village Society for Historic Preservation have voiced opposition to the project over concerns of overdevelopment in the neighborhood.

Update: This article was updated to add the brokers for the financing and to indicate that Junius Real Estate Partners is a joint venture partner.


Related Articles

arrow_forward_ios
Domain Companies CEO Matt Schwartz and 404 and 420 Carroll Street (Google Maps)
Domain lands $176M for 360-unit Gowanus project
Domain lands $176M for 360-unit Gowanus project
(Extell, Ritz Carlton, Gryffindor, CC BY-SA 3.0, via Wikimedia Commons)
Bank OZK dominated Manhattan’s top real estate loans in February
Bank OZK dominated Manhattan’s top real estate loans in February
Flag Luxury Group's Paul Kanavos and Bank OZK's George Gleason (Bank OZK, Flag Luxury Group, Rafael Viñoly Architects)
Ritz-Carlton NoMad scores $200M refi from Bank OZK
Ritz-Carlton NoMad scores $200M refi from Bank OZK
George Gleason (Bank OZK)
Bank OZK loan originations reach highest level since 2017
Bank OZK loan originations reach highest level since 2017
Regional banks starting to show uptick in loans, but want more borrowers. (iStock)
Community banks looking to lend but New York landlords aren’t in borrowing mode
Community banks looking to lend but New York landlords aren’t in borrowing mode
Bank OZK CEO George Gleason (Photos via Bank OZK; iStock)
Bank OZK’s Q4 was “strong end to challenging year”
Bank OZK’s Q4 was “strong end to challenging year”
Bank OZK CEO George Gleason (Unsplash; Bank OZK)
Bank OZK’s lending up in third quarter
Bank OZK’s lending up in third quarter
Bank OZK CEO George Gleason and Wells Fargo CEO Charles Scharf (Photos via Bank OZK, iStock; Getty)
What delinquencies? Banks aren’t shying away from construction lending
What delinquencies? Banks aren’t shying away from construction lending
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...