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.