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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick Goldman Arranges $55 Million Financing
for Acquisition & Development of Chelsea Condominium
Luxury Condominium to Further Gentrify NoChe
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Friday, January 20, 2006
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New York, NY
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Sonnenblick Goldman, on behalf of 261 West LLC, has arranged the $55 million financing for the acquisition and development of a luxury condominium tower to be located at 261 West 28th Street. The building will also include retail space fronting Eighth Avenue and West 28th Street, a fitness room, a meditation garden, and several parking spaces for residents.
The financing consisted of a $46 million senior loan and a $9 million mezzanine loan provided by separate divisions of a major international commercial bank.
According to Andrew Oliver, managing director and principal at Sonnenblick Goldman, “to construct the new tower, the buyer purchased four buildings located at 362-368 Eighth Avenue. The 11-story, 53-unit luxury condominium tower will be located at 261 West 28th Street.”
Evan Haymes, managing member of 261 West LLC, reports: “My partners and I are extremely excited about this project. We feel that we are making a very positive contribution to the gentrification of Chelsea. We will demolish three vacant, dilapidated buildings on the corner of 28th & 8th and shall erect an 80,000 sf elegant condo.”
CORE Group marketing has been awarded the exclusive marketing and sales for the condominiums. “This will be a defining project for this part of Northern Chelsea which has emerged as an incredibly desirable location for residential luxury condominiums”, said Shaun Osher, CEO of Core Group Marketing.
“Northern Chelsea, NoChe, continues to gentrify as the push for premium retail, work and living spaces grows,” said Mark Ehlinger, director at Sonnenblick Goldman.
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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