Trinity Unwraps $190M Construction Loan for Resi Condo at 77 Greenwich
Trinity Place Holdings‘ Christmas stocking came stuffed with a $189.5 million construction loan to finance its residential condominium project in Lower Manhattan, the company announced last Friday.
The loan, which according to regulatory documents was provided by the Massachusetts Mutual Life Insurance Company, carries a four-year term with the option for a one-year extension.
Plans call for the 40-story, 90-unit tower, at 77 Greenwich Street between Rector and Edgar Streets, to include 7,500 square feet of ground-floor retail space, as well as a public elementary school on its first eight floors, according to a Trinity press release. The New York City School Construction Authority has agreed to purchase an interest in the condo building, and will handle interior construction on the school when structural work is done.
The building’s sleek, glass-curtain-wall design, by architecture firm FXFOWLE, will preserve the adjacent landmarked Robert and Anne Dickey House building at 67 Greenwich Street, a structure that will be integrated into the new school.
Built in 1810, the 200-year-old federal-style townhouse illustrates Lower Manhattan’s checkered history. At the time of its construction, the Dickey House stood in what was Manhattan’s most fashionable residential neighborhood, according to the New York City Landmarks Preservation Commission. Later in the 19th century, saloons and bordellos sprung up in the area, and a special police squad raided the residence, which it called a “house of ill fame,” in 1871.
Mark Fisher, Shawn Rosenthal and Alexander Furnary of CBRE represented Trinity in arranging the financing. Newmark Knight Frank represented both the developer and the School Construction Authority for the transaction of the school system’s condo interest.
Construction at the site will also create a new handicapped-accessible entrance to the Rector Street station on the R and W subway lines. Completion is slated for 2020.
Representatives from Trinity, CBRE and NKF did not immediately respond to requests for comment.