One of the Financial District’s tallest towers just locked in a big loan.
Grubb Properties has secured a $377 million construction loan for its under-construction rental building at 8 Carlisle Street.
The Charlotte-based developer secured the financing from Maxim Capital Group and Skylight Real Estate Advisors, according to the brokers on the deal.
The deal was first reported by The Promote.
“The Grubb team have one of the best rental platforms in the country, and 8 Carlisle will be their biggest community to date, with 462 units spanning 64 stories,” said Morris Betesh of Arrow Real Estate Advisors.
Betesh added that the bulk of new rental inventory in the Financial District is coming from office-to-residential conversions, so the ground-up development at 8 Carlisle will stand out against most of what’s coming to the market.
When it tops out at 789 feet, the Handel Architects-designed tower will be the eighth-tallest residential building in Lower Manhattan, just a hair above 111 Murray Street.
Grubb Properties, headed by CEO Clay Grubb, was founded in 1963 and now owns or operates 5,500 apartments across the country.
The company made its entry into the New York market in 2021 when it bought a development site at 41-34 27th Street in Long Island City. Grubb started leasing at the 417-unit Link Apartments QPN last summer.
In Lower Manhattan, it purchased the site for what would become 8 Carlisle Street later in 2021 for $89 million. The site, previously known as 111 Washington Street, had languished under the ownership of feuding father and son Fred and Richard Ohebshalom.
Construction on 8 Carlisle passed the halfway point this spring. The topping out is expected later this summer.
Maxim Capital Group, run by co-founders Brian Steiner and Adam Glick, provided a $300 million construction loan. Gavin Evans and Benjamin Joseph’s Skylight Real Estate Partners chipped in a $77 million mezzanine loan.
Read more
Commercial
New York
Pink Stone sells languishing FiDi site for $89M
Commercial
New York
NYC newcomer Grubb Properties plans 317 units in LIC