HFF ARRANGES $62.4M LOAN FOR CONDO DEVELOPMENT IN NYC

NEW YORK CITY — HFF has arranged a $62.4 million construction loan for the redevelopment of 12 East 13th Street, a residential condominium project in Manhattan’s Greenwich Village neighborhood. HFF worked on behalf of the borrowing team of DHA Capital, Continental Properties and Ramius. Apollo Commercial Real Estate Finance provided the non-recourse loan. Proceeds of the loan will be used to redevelop an eight-story parking garage into a 12-story, luxury residential condominium property called 12 East 13th Street. The building is located south of Union Square between University Place and Fifth Avenue. The project is slated for completion by spring 2015. Michael Gigliotti, associate director, and Andrew Scandalios, senior managing director, led the HFF team representing the borrower.