Broad Street lands $96M loan for Nolita development
Bank of the Ozarks provided the financing for the planned 61-unit building at 304 Mulberry
Raymond Chalme and Daniel Blanco’s Broad Street Development has landed $96 million in financing from Bank of the Ozarks for a planned 61-unit apartment building in Nolita.
The financing package includes a $63 million construction loan for the 12-story development at 304 Mulberry Street, loan documents show. The remaining $33.5 million from Bank of the Ozarks replaces an earlier acquisition loan.
Chalme and Blanco paid $178.5 million for 298 and 304 Mulberry in 2014, and transferred about 25,000 square feet of air rights from 298 Mulberry to No. 304, according to public records.
Last year, Broad Street filed plans for a 103,000-square-foot building with roughly 11,000 square feet of ground-floor retail. The developers filed demolition permits for the existing structure in September.
Arkansas-based Bank of the Ozarks has become one of the most active construction lenders in New York since entering the market in 2012; its real estate loans swelled to $1.9 billion during the second quarter of this year, compared to $1.6 billion at the end of 2015.