Centaur, Greyscale get $115M loan to develop High Line condo complex
The Jardim's two 11-story buildings to open by 2016
Centaur Properties and Greyscale Development Group nabbed $115 million in financing for the Jardim, a two-building condominium project next to the High Line, The Real Deal has learned.
The 135,000-square-foot complex at 525-531 West 27th Street is slated to hold two 11-story buildings with a total of 36 apartments, a 12,000-square-foot retail space and 39 parking spots. The Jardim is slated for completion by fall 2016.
The Bank of Ozarks provided a three-year floating-rate loan with a one-year option. Construction began earlier this year.
Adam Hakim and Sam Zabala of Eastern Consolidated represented Centaur on the financing deal.
Douglas Elliman Development Marketing is handling sales at the property, and Isay Weinfeld is the architect.
In 2013, Centaur, led by Harlan Berger, and Greyscale paid $45 million to acquire the 35,000-square-foot property on the site, which was once home to nightclubs such as Pink Elephant, Crobar and Mansion. The building, which offered nearly 110,000 square feet of unused air rights, has since been demolished.