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 property at 540 Hudson Street includes 6,000 square feet of retail space on the ground floor and below grade. YIMBY reported the seven-story condo has one-bedroom units measuring 670 square feet, two-bedroom layouts averaging 1,200 square feet, and a 1,820-square-foot three-bedroom penthouse. Building amenities include fitness center, outdoor entertainment space, and 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.
Emily Fu can be reached at firstname.lastname@example.org.