Urban Standard Capital Lends $20M on Manhattan Condo Property Development
By Andrew Coen April 18, 2023 12:29 pm
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The joint venture between Vault Development Partners and TLM Equities has secured a $20.1 million debt package for its planned condominium building on Manhattan’s Lower East Side, Commercial Observer has learned.
Urban Standard Capital (USC) supplied the construction completion and condo inventory loan for the 12-unit condo project at 66 Clinton Street. The construction loan will convert to a condo inventory loan when the JV receives a certificate of occupancy for the building, which is slated for completion this fall.
The transaction was led by USC’s Robert Levine and Seth Weissman, the founder of the real estate private equity firm.
USC has been active in the condo inventory lending space in addition to the luxury single-family residential sector. Since the onset of the COVID-19 pandemic, the firm has originated more than $200 million secured by family luxury homes with a specific focus on high-end, supply-constrained markets such as Miami, Palm Beach, the Hamptons, Vail, Aspen, Nantucket and Los Angeles.
“While there are certainly headwinds as it relates to interest rates and inflation, we believe that there is significant downside protection in lending against the highest-quality assets developed by best-in-class sponsors,” Levine said in a statement. “In down markets, you see a flight to quality time and time again.
Officials at Vault Development Partners and TLM Equities did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
