Upper East Side Condo Project Lands $52M Construction Loan

Developers Grand Cru Real Estate (GCRE) and Visabve Corp. have received a $52.5 million construction loan from S3 Capital for a 28-unit residential building on Manhattan’s Upper East Side. The financing for the ground-up development closed in tandem with the sponsor’s acquisition of the site at 1527 York Ave. this month.

The 20-story building, located within walking distance of the Q and 6 subway lines and the East River waterfront, will feature one- to five-bedroom residences and amenities including a gym, recreation lounge, children’s playroom, and full-time doorman. Oak CM will act as construction manager and general contractor. National real estate lender S3 Capital previously financed GCRE and Visabe Corp.’s boutique condo project at 439 East 77th St.

“Upper East Side condo buyers are a specific audience, and a 28-unit building with layouts up to five bedrooms is aimed squarely at them,” said Shawn Safdie, Head of Origination at S3 Capital in a statement. “GCRE understands that buyer, and their successful execution on a recent project gave us the confidence to partner with them again.”

Image courtesy of S3 Capital.