Children’s Investment Fund is providing $265 million in financing for the Ian Schrager-led development of 160 Leroy Street, a 12-story, 49-unit luxury condominium building between Washington and West Streets in the West Village, according to HFF.
A team of brokers at HFF arranged the construction loan on behalf of Mr. Schrager’s hotel and residential development firm Ian Schrager Company, which is developing the condo in conjunction with Ares Management, Weinberg Properties and William Gottlieb Real Estate.
The deal came together in large part due to the “world-class location” of the development and the fact that the developers had the majority of the plans outlined when they arranged the financing package, Eric Anton, a senior managing director at HFF, told Commercial Observer.
“We worked hard, we worked fast,” Mr. Anton said. “Everything came together at the right moment.”
The property, designed by the Pritzker Prize-winning architecture firm of Herzog & de Meuron, will be comprised of 49 unique homes with views of the Hudson River, an arched entry with a private landscaped courtyard and a garden designed by Madison Cox including a private 70-foot swimming pool and whirlpool spa.
Occupancy is expected to begin in 2017, according to the development’s website.
Representatives for Children’s Investment Fund and Ian Schrager Company were not immediately available for comment.