ACORE Provides $133M Loan on UES Condo Development
By Cathy Cunningham May 26, 2020 6:42 pm
reprints
Legion Investment Group has landed $133 million in construction financing from ACORE Capital for its condominium development at 109 East 79th Street, sources familiar with the deal told Commercial Observer.
Walker & Dunlop’s Aaron Appel, Keith Kurland, Jonathan Schwartz and Adam Schwartz arranged the financing.
According to Legion’s website, when completed the property, located between Park Avenue and Lexington Avenue, will comprise 145,000 square feet and include 33 condominiums.
Legion, led by Victor Sigoura, filed permits for a 19-story building at 109 East 79th Street in May 2019, according to New York Yimby. SLCE Architects is the architect of record.
Officials at ACORE and Walker & Dunlop declined to comment. Legion Investment Group officials did not immediately return a request for comment.
The loan closed in the midst of the COVID-19 pandemic, a time when lenders are approaching prospective deals with caution and construction financing is especially difficult to secure.
During a CO Power Briefing regarding the luxury condo market and lenders’ appetite for the asset class on May 8, Appel — a panelist — said, generally speaking: “There’s no question that development capital and any sort of liquidity that takes the most risky form is not really available right now. Credit markets are primarily frozen. That said, I’m always of the belief, regardless of market conditions, if the project is special and makes sense in the for-sale housing space there will be capital available for it.”
