Cape Advisors scores loan to build 23-unit Tribeca condo
Bank of the Ozarks finances developer’s latest luxury project
Cape Advisors pulled off a $52 million construction loan from Bank of the Ozarks to build a boutique Tribeca condominium at 65 West Broadway, sources told The Real Deal.
Cape and private equity firm Forum Absolute Equity Partners recently secured the financing for the 23-unit, 57,000-square-foot property it plans to construct. First, the firms will demolish the existing structures at 65-69 West Broadway, 71-73 West Broadway, 61 Warren Street and 59 Warren Street, which Cape bought in 2015 for a combined $50 million. Interior demolition is now underway.
The eight-story project’s total cost has been pegged at $120 million. Plans call for nearly 15,000 square feet of ground-floor retail and a 42,000-square-foot residential component. The apartments would have ceiling heights of 10 to 12 feet and range in size from 855 square feet to 3,360 square feet.
Eastern Consolidated’s Adam Hakim and James Murad, who brokered the financing, confirmed the deal, but declined to comment on the lender.
Representatives for Cape could not be reached, and Bank of the Ozarks declined to comment.
Bank of the Ozarks, an Arkansas-based institution that has emerged as one of the most active lenders on New York City construction projects this cycle, financed Cape’s 2015 acquisition of the site as well as the construction of its 23-unit condo at 30 Warren Street in Tribeca.
Cape, led by Curtis Bashaw, recently sold a majority stake in its 27-story Hudson Square residential project at 537 Greenwich Street in Hudson Square to a subsidiary of state-run Chinese construction giant China State Construction Engineering Corporation.