Kevin Maloney’s Property Markets Group landed a $97 million condo inventory loan for its new development in the West Village.
Rialto Capital Management and Goldman Sachs teamed up to provide the financing for PMG’s 111 Leroy Street, sources told The Real Deal.
Representatives for PMG, Rialto and Goldman could not be immediately reached. A team of brokers at HFF led by Chris Peck negotiated the financing on behalf of PMG. The brokers declined to comment.
The two-year loan covers all 13 of the building’s condo units and four adjacent townhouses. The new debt replaces a $43 million construction loan that Oaktree Capital Management provide PMG, as well as mezzanine debt from Quinlan Development Group.
PMG launched sales on the building in February, and StreetEasy shows that one of the units is under contract with an asking price of $9.75 million. The project is aiming for a sellout of $76.95 million, according to the state Attorney General’s Office.