Valley National Bank Supplies $145M Construction Loan on Upper East Side Resi Tower
By Andrew Coen December 5, 2022 5:42 pm
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The Torkian Group has nabbed $145 million of construction financing to build a new residential tower on Manhattan’s Upper East Side, according to property records.
Valley National Bank provided the loan for the developer’s planned 32-story, 128-unit multifamily project on 250 East 83rd Street in the Yorkville section of Manhattan. Meridian Capital Group arranged the transaction.
Chris Coiley, Valley National Bank’s head of commercial real estate for the New York and New Jersey markets, noted that Torkian has had a long-standing relationship with Israel-based Bank Leumi, which Valley acquired earlier this year.
“Facilitating financing partners can be challenging, but working with a professional and strong client as we did here helped create a seamless financing process,” Coiley said in a statement.
Below-grade construction at 250 East 83rd has commenced with the project slated for completion in fall 2024, according to the website New York YIMBY. The structure is designed by SLCE Architects.
“250 East 83rd Street will deliver an elevated level of luxury living not yet offered before in a Manhattan rental property,” Ariel Torkian, principal at The Torkian Group, said in a statement. “Everything from the buildings stone facade, four floors of amenities, spa, interior and exterior lighting color tones all the way down to the details of the closets have been thoughtfully selected by the development team to epitomize a feeling of grandeur and privacy for its residents”
Andrew Coen can be reached at acoen@commercialobserver.com.
