Victor Sigoura lands $133M construction loan for UES condo

ACORE Capital provided the financing for the 33-unit project

109 East 79th Street and Victor Sigoura (Google Maps; Getty)
109 East 79th Street and Victor Sigoura (Google Maps; Getty)

Victor Sigoura isn’t letting a soft luxury market or a pandemic hold up his boutique condo on the Upper East Side.

The former chief investment officer at Naftali Group closed a $133 million construction loan from ACORE Capital for the 19-story project at 109 East 79th Street, Commercial Observer reported.

Sigoura’s development company, Legion Investment Group, spent more than $62 million assembling the project site and filed plans for construction last year. The site sits near Park Avenue, and is two blocks off of Central Park.

The Upper East Side development is Legion’s second project since Sigoura left Naftali Group. The first was a 21-unit condo in Greenpoint that hit the market in 2018. According to Legion’s website, the developer has another project in the works on the Upper East Side, in addition to owning and operating a portfolio of multifamily properties.

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New construction financing has become increasingly rare as the pandemic has shut down sites, putting lenders and borrowers in precarious positions.

Though one of the most active construction lenders in New York and Miami, Bank OZK, said on its first-quarter earnings call that it sees opportunities ahead, in spite of likely losses stemming from the pandemic. [CO] — Erin Hudson

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