Cast Iron House Gets $20M Loan to Finish Construction
The long-under-construction Cast Iron House in Tribeca is getting a $20 million bridge loan to wrap up work on its last few condominiums, Commercial Observer has learned.
Emerald Creek Capital provided the loan to help developer Knightsbridge Properties complete construction on the final two apartments in the 13-unit luxury residential project at 67 Franklin Street, according to Emerald’s Jeff Seidler.
The development, which has been under construction since 2017, has sold nine out of its 13 units, which is part of what attracted Emerald Creek to the project.
“We like to see projects that have good history,” said Seidler. “Generally the magic number is around 70 percent sold out.”
The loan is secured by the remaining four unsold units and a 25,000-square-foot ground floor retail space. Two of the remaining apartments are complete and have temporary certificates of occupancy, while the other two are under construction.
The project is certainly on the high end. The two available units are a five-bedroom, four-bath apartment asking $9.5 million, and a four-bedroom, three-bath apartment asking $7.1 million. The property also offers typical luxury amenities, including a fitness center, yoga/dance room, hydrotherapy spa, resident lounge, children’s playroom and courtyard.
The landmarked, six-story cast iron building on Broadway is getting a two-story penthouse addition as part of the construction. Famed Japanese architect Shigeru Ban is behind the project’s interior design, which is very minimalist and white.
Seidler added that the financing will help ensure that “this is a successful project during a time when absorption is slower. We’re definitely concerned about the luxury market but this [project] is one that we felt really good about.”