Soho Mews
United American Land, the developer of the Soho Mews condominium, said it is close to paying off its $129 million construction loan to PB Capital, a few months before the loan matures, Crain’s reported. The payment is a major victory for the 68-unit project at 311 West Broadway, between Grand and Canal streets, which was designed by Gwathmey Siegel & Associates. Tough economic times forced the developer to slash prices by 12 to 15 percent at the seven-story building, which is now 70 percent sold. “It’s a successful project, given the adversity faced by the entire market,” said Albert Laboz, who runs United American Land with his two brothers. “Once we finish paying off the construction loan, we will start recouping our equity.” Peter Hannigan, a managing director at PB Capital, confirmed that the developer was about to pay off its loan. [Crain’s]