NEW YORK — Eastern Consolidated has arranged a $115 million loan to finance the construction of two 11-story luxury residential condominium buildings at 527 W. 27th Street in Chelsea next to the High Line elevated park.
Centaur Properties and Greyscale Development Group are developing the 135,000-square-foot Jardim condominium buildings on a site between 27th and 28th streets.
According to real estate blog Curbed, the developers bought the property in 2013 for $45 million.
Jardim, Portuguese for “garden,” will include 36 apartments ranging from one to four bedrooms, 12,000 square feet of retail space and 39 parking spaces. The buildings are expected to open by fall 2016.
Adam Hakim and Sam Zabala, managing directors in Eastern Consolidated’s Capital Advisory Division, placed the loan. Financial Associate James Murad assisted on the transaction.
According to Hakim, Brazilian architect Isay Weinfeld is designing the complex that will feature an inner courtyard and garden. Other amenities at Jardim will include an indoor pool, fitness center, massage room, children’s playroom, private storage and a bicycle storage room.
Hakim and Zabala recently joined Eastern Consolidated from Prospect Capital Group. The two have overseen a combined $8 billion in transactions.
Manhattan-based Eastern Consolidated was founded in 1981. It is a full-service real estate investment services firm with a 76-person team of brokers and annual sales of up to $4 billion.
— Scott Reid