HFZ Capital Secures Construction Financing for The Eleventh in NYC

NEW YORK CITY — HFZ Capital Group, a Manhattan-based real estate development and investment company, has secured construction financing for The Eleventh, a mixed-use development located at 76 11th Ave. between 17th and 18th streets. A British financial institution provided HFZ Capital with construction financing for the development. HFZ’s John Shannon directed the firm’s negotiations to secure the financing. Situated on the Far West Side of Chelsea, The Eleventh is slated to open in 2019 featuring two towers between the High Line and the Hudson River. Bjarke Ingels Group designed the project. In addition to residences, Six Senses Hotels Resorts Spas will open its flagship North American hotel inside the project. HFZ originally secured $870 million in acquisition and pre-development financing in May 2015 from a consortium of lenders, including JPMorgan, BlackRock and SL Green Realty. Construction of The Eleventh has already begun, and sales of condominium residences will begin later this year.