Affinius, Intervest Lend $275M on Midtown South Resi Tower Build
The 72-story project led by Ray Yadidi and Isaac and Eli Chetrit lands financing after delays.
By Andrew Coen April 4, 2025 5:58 pm
reprints
A joint venture between Sioni Group and AB & Sons has secured $275 million of construction financing to build a long-sought residential tower in Midtown South.
Affinius Capital and InterVest Capital Partners provided the loan for the sponsorship’s planned 72-story multifamily and condo development at 986 Sixth Avenue, according to a source familiar with the deal. The 311-unit building slated for completion in 2026 will consist of 284 apartments and 27 condominiums.
“We are thrilled to participate in this skyline-defining project and to further strengthen our relationship with Sioni Group and AB & Sons, experienced New York City-based developers, owners and operators,” Perry Katz, senior vice president at Affinius Capital, said in a statement.
Galaxy Capital’s Henry Bodek arranged the transaction.
The Real Deal first reported the loan, which was closed almost three years after project sponsors nearly obtained $350 million of construction financing before rising interest rates delayed the deal.
Ray Yadidi’s Sioni Group and AB & Sons, which is run by Isaac Chetrit and Eli Chetrit, started purchasing properties for the Midtown South development in 2007, including acquiring a vacant hotel for $54.3 million and a 21-story office building for $49 million near the site, according to TRD.
Officials at Affinius Capital, InterVest Capital, Sioni Group and AB & Sons did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
