Private equity fund Rockpoint Group has secured $117 million towards converting their Meatpacking District office project, records filed with the city show.
Two mortgages totaling $117 million and backed by the lots where Rockpoint owns the leasehold—four parcels at 412-419 West 14th Street—were recorded in public records today. Prolific construction lender Bank of the Ozarks provided the funds.
A construction loan of $63 million and a $54 million project loan, which would cover ancillary costs associated with construction, closed earlier this month.
Rockpoint is planning a 140,000-square-foot, four-story boutique office building on the site, according to previous reporting from The Real Deal. The project requires approval from the Landmarks Preservation Commission, TRD said.
The planned project recently signed Bermuda-based insurance firm Argo Group to a 48,000-square-foot deal, as Crain’s New York Business first reported.
The project will use the address 413 West 14th Street, and Argo plans to relocate by the third quarter of this year, CBRE, Argo’s leasing representatives, have told Commercial Observer.
No one with Rockpoint was immediately available to respond to inquiries. A Bank of the Ozarks representative did not immediately respond to a request for comment.