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New York

Urban Muse scores $67M in financing for 1 Beekman

Bank of Ozarks provided the loan

A concept of 1 Beekman Street (Credit: Pei Cobb Freed & Partners) and Glauco Lolli-Ghetti
A concept of 1 Beekman Street (Credit: Pei Cobb Freed & Partners) and Glauco Lolli-Ghetti

Developer Urban Muse landed $67 million in construction financing for its planned 25-story residential building at 1 Beekman Street near City Hall.

The Chinatown-based developer of projects like 200 11th Avenue in West Chelsea locked down a $35 million building loan and a $5.89 million project loan with a $26.2 million senior loan on May 26, according to records filed with the city Thursday.

The Arkansas-based Bank of Ozarks, which is increasingly active in the New York residential market, was the lender.

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Neither Urban Muse nor the bank could be immediately reached for comment.

Urban Muse, headed by Glauco Lolli-Ghetti, bought the development site at the corner of City Park Hall back in late 2014 for $52 million. Last summer the firm filed plans to build a 25-story, 72,287 square-foot building on the site with 29 units. SLCE is the architect of record.

Bank of Ozarks recently lent $61 million to Tribeca Associates for its 26-story hotel development at 143 Fulton street, as well as $84 million on Cape Advisor’s 12-story condominium project at 30 Warren Street near City Hall.

 

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