New York & Tri-State + Downtown New York | September 19, 2018

Arch Refis Greenwich Village Offices with $71M Commercial Real Estate Bridge Loan

Landsea, DNA Close on Acquisition from Extell

Landsea Homes and DNA Development LLC have closed on a $97-million senior and mezzanine loan for their acquisition and development of 540 Ave. of the Americas, which they acquired from Extell Development.

The developers are planning to build a luxury residential building with ground floor retail. Extell acquired 540 Sixth and four adjacent buildings in late 2015.

“This is precisely the type of deal we are looking for in New York City,” said Landsea Homes’ Thomas Graham. He cited the property’s “incredible location close to numerous transportation options, parks, retail, restaurants and cultural institutions.” It’s at the nexus of three downtown submarkets: Flatiron, Chelsea and Greenwich Village.

An affiliate of Mack Real Estate Credit Strategies provided the loan, which was arranged by Ackman-Ziff’s Patrick Hanlon, Sean Meehan and Ross Cumming.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).