The Silvermintz family, along with the Savanna Real Estate Fund, accepted a $115 million loan from Deutsche Bank to finance construction at 540 West 26th Street in Chelsea.
The firms are planning a nine-story commercial building designed by Morris Adjmi at the site of the former West Chelsea art gallery. The 166,000-square-foot structure will contain galleries, offices and community facilities.
The international private school Avenues: The World School has already pre-leased 51 percent of the property, the New York Observer reported.
Demolition at the site was completed over the summer. The developers expect the project to be complete by the end of 2017.
Savanna bought into the project in August 2014, paying the Silvermintz family $24.7 million.
RM Capital Management arranged the loan. [NYO] – Ariel Stulberg