91
NEW YORK CITY — Spectrum Group Management LLC has closed a $24 million first mortgage loan, the proceeds of which were used to fund the acquisition of 215-221 W. 28th St. in Manhattan. The loan is secured by a first mortgage on approximately 7,500 square feet of land and associated air rights that will allow for the development of approximately 150 multifamily units. The borrower, a major New York City developer, plans to begin construction on the site later this year.