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$46M to Finish Condos at 22 Bond
Two condominium developers have reset the clock. Second Development Services and the Richport Group borrowed $45.5 million to refinance a construction loan that had nearly reached its maturity for their 22 Bond Street condominium development in Manhattan’s NoHo neighborhood.
“After previously acquiring the existing note on 22 Bond, we were able to arrange new financing to help the borrower complete construction and sellout of the project,” said Josh Zegen of Madison Realty Capital, which provided the “inventory loan” to the property.
The developers plan to finish the six condominiums at 22 Bond Street in Spring 2018. No current listings or sales show on StreetEasy, though condominiums at 22 Bond had been offered at prices starting at $9 million for a giant, three-bedroom residence, with 3,000 square feet of space spread over two floors.
For comments, questions or concerns, please contact our New York commercial real estate editor Bendix Anderson
- ◦Financing
- ◦Development
