PMG lands $97M condo inventory loan for West Village development

Developer launched sales in February at 111 Leroy Street

New York /
Apr.April 09, 2019 12:00 PM
Property Markets Group founder Kevin Maloney and 111 Leroy Street (Credit: Getty Images)

Property Markets Group founder Kevin Maloney and 111 Leroy Street (Credit: Getty Images)

Kevin Maloney’s Property Markets Group landed a $97 million condo inventory loan for its new development in the West Village.

Rialto Capital Management and Goldman Sachs teamed up to provide the financing for PMG’s 111 Leroy Street, sources told The Real Deal.

Representatives for PMG, Rialto and Goldman could not be immediately reached. A team of brokers at HFF led by Chris Peck negotiated the financing on behalf of PMG. The brokers declined to comment.

The two-year loan covers all 13 of the building’s condo units and four adjacent townhouses. The new debt replaces a $43 million construction loan that Oaktree Capital Management provide PMG, as well as mezzanine debt from Quinlan Development Group.

PMG launched sales on the building in February, and StreetEasy shows that one of the units is under contract with an asking price of $9.75 million. The project is aiming for a sellout of $76.95 million, according to the state Attorney General’s Office.


Related Articles

arrow_forward_ios
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

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

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Clockwise from top left: 48 Bedford Avenue in Williamsburg; 7601 4th Avenue in Bay Ridge; 55-25 58th Street in Maspeth; 42, 44 and 46 21st Street in Flatiron; 59-20 Van Doren Street in Corona (Photos via StreetEasy; Google Maps)

Mid-market investment sales off to strong start in 2021

Mid-market investment sales off to strong start in 2021
(Getty, iStock)

Flooding caused by climate change leads to mounting real estate costs

Flooding caused by climate change leads to mounting real estate costs
Mickey Rabina and 520 Fifth Ave. (Rabina, Ceruzzi Properties)

Rabina files plans for 70-story tower at beleaguered Fifth Ave site

Rabina files plans for 70-story tower at beleaguered Fifth Ave site
One New York Plaza, One Madison Avenue and 605 Third Avenue top the list of largest real estate loans. (Brookfield, Wikimedia Commons, Fisher Brothers)

These were the largest Manhattan real estate loans in December

These were the largest Manhattan real estate loans in December
Ziel Feldman and renderings of the West Chelsea property. (The Xi)

HFZ is behind on $160M in payments at the XI: lender

HFZ is behind on $160M in payments at the XI: lender
Delshah Capital's Michael Shah and 30 Morningside Drive (Photos via Delshah; 30 Morningside Drive)

Delshah closes on $180M refi for Morningside rental project

Delshah closes on $180M refi for Morningside rental project
arrow_forward_ios

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

Loading...