Mortgage Beat

Bank of America Provides $60 Million Loan to Build New East Village Luxury Condo

A joint venture partnership of Ironstate Development Company, Abe and Scott Shnay and Charles Blaichman has obtained a $60 million loan from Bank of America on a lot on the East Village where they have just broken ground on a new 83-home luxury condominium building.

The building will rise at 211 East 13th Street between 2nd and 3rd Avenues. A spokesman with the developers confirmed the deal to The Mortgage Observer.

211 east 13th street Bank of America Provides $60 Million Loan to Build New East Village Luxury Condo

Rendering of 211 Wast 13th Street.

Bank of America had provided $20 million to finance the purchase of the property in 2011 and added $30.9 million construction loan and a $8.3 project loan, according to public records.

The site once was home to the historic Jefferson Theatre, but it has sat vacant since 1986.

Manhattan-based BKSK designed the condominium, which, in addition to the residential mix, will feature 4,500 square feet of ground-floor retail space along East 14th Street. Sales are expected to begin next May for the studio, one- two- and three-bedroom residences.

The boutique eight-story building will feature a 24-hour attended lobby, residents and business lounges, a sky-lit fitness room and lounge, a library and large landscaped common rooftop terrace. Private storage cages will be available for purchase.

apirolo@observer.com

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