Bank OZK Supplies $66M Construction Loan for Manhattan Luxury Condo Pair
William Gottlieb Real Estate has secured $66 million in construction financing for two luxury condominium development projects in Manhattan’s West Village, Commercial Observer has learned.
Bank OZK provided two separate, floating-rate, four-year construction loans of $29.1 million and $36.9 million for 540 Hudson Street and 144-150 Barrow Street, respectively. When completed, each project will feature 26 residences in a supply-constrained neighborhood.
Walker & Dunlop’s Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz and Sean Bastian arranged the debt.
The 48,535-square-foot 540 Hudson Street includes 6,000 square feet of retail space on the ground floor and in the basement. The news website YIMBY reported the seven-story condo’s one-bedroom units measure 670 square feet, two-bedrooms average 1,200 square feet, and there’s a 1,820-square-foot penthouse with three bedrooms. Building amenities include a fitness center, outdoor entertainment space, and a rooftop terrace and lounge, according to iNewHomes.
The second project, at 144-150 Barrow Street, was formerly the landmarked Keller Hotel and will be converted to a condo, also with retail at the base. The developers intend to maintain the historical facade and neon “Hotel” sign.
Representatives for Bank OZK declined to comment. William Gottlieb Real Estate did not immediately return requests for comment.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Emily Fu can be reached at efu@commercialobserver.com.
