Bank OZK Lends $98M on Toll Brothers’ Upper West Side Development
Toll Brothers has sealed $98.2 million of construction financing for its planned mixed-use project at a Manhattan’s Upper West Side site that formerly housed a controversial hotel, according to property records.
Bank OZK provided the loan for Toll Brothers’ 2686-2690 Broadway, which it acquired for $44 million in 2019 from Hank Fried’s Branic International Realty. The deal closed on the heels of Fried reaching a settlement with the city over complaints he had transferred the residential building into an illegal hospitality operation called the Marrakech Hotel.
Toll Brothers filed demolition permits for the existing five-story property last year with plans to construct a 13-story, mixed-use building featuring 84,020 square feet of residential space, comprising 81 condos, and ground floor retail pre-leased to CVS Pharmacy. The site is located steps from the Metropolitan Transportation Authority‘s West 103rd Street subway station.
Officials at Toll Brothers did not immediately return a request for comment. Bank OZK officials declined to comment.
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Correction- A previous version of the article had the incorrect loan amount on the deal.