Lightstone Snags $85M Bank of the Ozarks Construction Loan for UES Condo Building
The financing, which closed yesterday, is being used towards the construction of the 29-unit, 100,000-square-foot project. It carries a three-and-a-half year term with a one-year extension option.
Meridian Capital Group negotiated the transaction, but it was not immediately clear which of the firm’s brokers was involved.
Lightstone purchased the property, which currently houses a six-story 1920s apartment building, for $32.5 million in an all-cash deal in May 2015, as CO reported at the time. The site is located at the corner of East 81st Street.
“There’s nowhere in Manhattan like the tranquil enclave of East End Avenue,” Mitchell Hochberg, the president of Lightstone, said in prepared remarks. “Only a handful of new developments have been built in recent years on East End Avenue, and we’re thrilled to be working on this one-of-a-kind project.”
Deborah Berke Partners and Gerner Kronich + Valcarcel, Architects are overseeing the design of the building. Residences will all have outdoor space and range from two to four bedrooms. Amenities will include a concierge, a parking garage, a library, a catering kitchen, a game room, a fitness center and storage rooms.
A spokeswoman for Bank of the Ozarks declined to comment, while a representative for Meridian did not immediately respond to a request for comment.