Louis Madigan and a previous rendering of 111 Varick (Credit: Twitter and S9 Architecture)
Madigan Development landed a $73 million construction loan for its Hudson Square development at 111 Varick Street.
PGIM Real Estate Finance, TriState Capital Bank and Valley National Bank are the lenders, Commercial Observer reported, citing property records.
Madigan is developing a 100-unit luxury rental building designed by S9 Architecture. In August, the company filed new plans with the city’s Department of Buildings calling for a 337-foot tower.
Louis Madigan’s firm has been locked in a legal battle with Agime Group, which is building a tower nearby. Both sides accuse the other of blocking their property’s views. [CO] — Konrad Putzier