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Atlas Capital Lands Nearly $1B Loan for Riverfront Apartment Project
Atlas Capital Group secured a $985-million construction loan to build two Lower Manhattan apartment towers at 80 Clarkson St. which it’s developing with Zeckendorf Development and Baupost Group, the New York Post reported. The lenders, sources told the Post, were London-based Cale Street Partners and San Francisco-based Farallon Capital Management. The loan was arranged by Newmark.
The financing is believed to be the largest Manhattan residential construction loan since before the pandemic. It means the full-block project will soon “go vertical” at the Hudson River site between Houston and Clarkson streets.
The Post first reported the development team was buying the vacant 1.3-acre site in February 2022. Later that year, they secured a $322-million financing package from Blackstone that kick-started the $1.25-billion project.
One tower is expected to be finished in 2026, with the other following in 2027. The developers are also putting up a 175-unit senior affordable housing building on the site, not covered by the Cale Street/Farallon loan.
Rendering courtesy of COOKFOX Architects.
- ◦Financing
