Cadence Secures $41M in Financing for Hell’s Kitchen Condo Tower

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A joint venture between Cadence Property Group, HOH Capital Partners and Deal Lake Capital secured construction financing to build a new residential tower in Hell’s Kitchen.

The JV picked up 360 West 52nd Street in April for $15.4 million, but the buyers just secured $41.5 million in acquisition and construction financing from Benefit Street Partners to fund the buildout of a seven-story luxury condominium, according to JLL (JLL), which arranged the financing.

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Formerly owned by John Tamigi of Englewood Cliffs, N.J., the land at 360 West 52nd with up to 4,000 square feet of air rights is mostly occupied by a parking lot and a low-rise industrial building.

“Given the rare through-block configuration of our site, this new project will deliver a unique combination of homes with private outdoor spaces, resident gardens, abundant light and air, and superb layouts, all catering to those seeking affordable luxury in NYC,” Howard Glatzer of Cadence, who is leading the JV, said in a statement.

Evan Pariser and Aaron Niedermayer of JLL represented the borrowers in the deal.

The JV is no new kid on the block, having developed Sorting House, a 30-unit condominium project, which is literally on the same block at 318 West 52nd Street.

Just like with Sorting House, the buyers have retained Architecture Outfit to design 360 West 52nd and Titanium Construction Services to erect the structure.

Mark Hallum can be reached at mhallum@commercialobserver.com.