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Naftali, Starwood Capital score $66M loan for West Village condo conversion
HSBC refinancing to pave way for 42 units at 275 West 10th Street
Starwood Capital Group and the Naftali Group refinanced their West Village condominium conversion at 275 West 10th Street with a $65.9 million loan from HSBC Bank, according to property records filed with the city late last week.
The new loan replaces a $5 million mortgage, also from HSBC, that the developers secured in May 2014 immediately after buying the landmarked 12-story, 137,000-square-foot rental building for $68.2 million.
In 2014, Starwood Capital and Naftali planned to convert the building’s 145 rental apartments into 42 condos. The plans quickly hit a snag when a wealthy couple occupying the building’s penthouse refused to leave, despite seeing their rent rise from $7,800 to $25,000 between 2013 and 2015. Last year, the Naftali Group sued the tenants, claiming their refusal to leave had cost the developers $25 million in construction delays.
Rockrose Development first turned the aging industrial building, built in 1896, into apartments in 1979.