Legion Lands $191M Loan for Greenwich Village Project

Victor Sigoura is making progress with a condo project in Greenwich Village, the latest iron in a piping-hot oven for the developer.

Sigoura’s Legion Investment Group and Ted Segal’s EJS Group scored $191.1 million in construction financing for a development at 11 West 13th Street, Crain’s reported. The financing supports a 34-unit project at the former city government office site.

The bulk of the financing comes from a $140.1 million senior mortgage from Bank OZK, a frequent player in Manhattan’s development space. Another $50 million in mezzanine debt is coming from CanAm Enterprises, which raises funds through the EB-5 program.

The developers are planning a 500-foot-tall project at the vacant and excavated site, which once housed the city’s Human Resources Administration. In addition to the units, parking and storage space, the property is expected to include three storefronts, according to a preliminary offering plan.

Legion and EJS bought the development parcel in 2024 from Philips International, Lawland Properties, Arnold Penner Real Estate and Rhodes Building Management for $57.5 million. Maxim Capital provided a $37.5 million loan for the transaction.

Sales are expected to begin over the summer; a projected sellout has not been disclosed. Legion expects to open the building’s doors next year.

The luxury condo developer has been keeping plenty busy in recent months.

In the fall, Legion scored a $155 million construction loan from Eldridge Real Estate Credit, the real estate investing arm of Eldridge Capital Management, for a project in West Chelsea. The 23-story project will offer 83 condos across the way from Chelsea Piers.

Sigoura, who is partnering with AVRS Partners on the project at 550 West 21st Street, bought the site out of bankruptcy a year and a half ago for $87 million.

Legion’s other developments include 109 East 79th Street, which has seen more than $400 million in sales, and a 26-unit project at 1122 Madison Avenue that’s in the midst of sales.

— Holden Walter-Warner