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Cape Advisors Borrows $215M to Build in Hudson Sq.

Cape Advisors and its new equity partner Strategic Real Estate borrowed $215 million from Bank of the Ozarks to build a luxury condominium tower at 537 Greenwich St., in Manhattan’s Hudson Square neighborhood.

“This is going to be a tremendous project with sweeping views … The average price per unit will be below $3 million, a price point that has been showing consistent velocity in the current environment and is considered affordable in Manhattan’s new development market,” said Adam Hakim, managing director for Eastern Consolidated, which arranged the construction loan for the 27-story, 170-unit tower.

Designed by Loci Anima and Adamson Associates, the condos will average 1,211 square feet of space.

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