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New York & Tri-State  + Downtown New York  + Apartments  | 

Urban Standard Capital Provides $20M for Manhattan Lower East Side Condo 

Urban Standard Capital, a New York-based private equity firm, has provided a $20.1 million construction completion and condo inventory loan for 66 Clinton, a 12-unit luxury condominium building being developed by Vault Development Partners and TLM Equities in Manhattan’s Lower East Side. Located at 66 Clinton Street, the seven-story building is expected to be completed in the fall of 2023 and features 15,463 sellable square feet of prime residential space.  

“This is a construction completion loan that converts to a condo inventory loan upon C of O,” said USC’s Robert Levine. “We upsized the existing loan, as we believe the sponsors have created tremendous value and are going to deliver the best product in the submarket.” According to Levine, while USC has witnessed turbulence in the market, they have continued to see a flight to quality. “Our focus for the business continues to be to partner with strong operators delivering best in class product,” he added. 


Inside The Story

Robert Levine

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

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