Medical Complex Rehabbed to 205 Apartments at 30 Morningside Dr.

Delshah Capital has borrowed $130 million from Square Mile Capital Management to finance the conversion of a five-building medical facility into a luxury rental complex with 205 apartments at 30 Morningside Dr. in Manhattan’s Morningside Heights neighborhood.

“We are thrilled to have closed this loan which completes the financing necessary for the conversion and repositioning of this prime Manhattan site,” said Michael Delshah of Delshah Capital.

Built between 1896 and 1928, the five buff brick and marble buildings were designed by Ernest Flagg. Two have landmarked exteriors. Interior demolition and abatement have been completed. The remaining renovation work is expected to take two years.

Eastern Consolidated’s Adam Hakim and James Murad arranged the financing.

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