Alchemy-ABR continues to issue huge construction loans in Midtown.
In addition to co-developer JJ Operating, the company has received $ 183 million in funding from PacWest and Square Mile Capital Management to expand its mixed-use facility at 258-278 Eighth Avenue in Chelsea, according to the Commercial Observer.
JJ Operating acquired the property about four years ago for just over $ 107 million and in April filed a demolition permit for the site, which now includes a CVS pharmacy and the permanently closed New York Sports Club. Development is expected to begin on a 190-unit, 210,000-square-foot residential mixed-use project in the first quarter of next year.
Along with the tenements in the new development, the ground floor area of 33,000 square feet will be home goal, which pre-leased 28,000 square feet in November. Other amenities are expected to include a seating area, rooftop terrace, fitness center and Speakeasy bar.
This is the second time Alchemy-ABR has received a major building loan in recent weeks. In June, Alchemy-ABR and shareholder Cain International received $ 250 million in financing the construction of a 26-story office tower at 123-141 West 57th Street.
[CO] – Holden Walter-Warner