Naftali Credit Partners has issued a $13.4 million mezzanine loan for the development of 813-815 Broadway, a new residential property in Greenwich Village, Manhattan. The loan is part of the $31.4 million in mezzanine financing recently issued by Naftali to Magnum Real Estate Group, the project’s developer.
813-815 Broadway will yield 20 condominium units in one- to three-bedroom layouts. All units will feature 10-foot ceilings, and residents will have access to a variety of amenities. The project will also offer 2,389 square feet for a commercial tenant.
813-815 Broadway, via Google Maps
Naftali Credit Partners was responsible for structuring the entire $38.4 million construction loan for the property. The mezzanine loan will be used to refinance the project’s existing land loan and fund future development costs.
813-815 Broadway is located steps from subway stations served by the N, Q, R, W, and 6 trains, and will be a short walk from Washington Square Park. Issac & Stern Architects is listed as the architect of record on permit filings.
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Worthy. Promising.
Magnum Real Estate Group is the pick, valued at $31.4 million and it’s something to be proud of: Thanks.
Notice how the large older building on the corner (no. 817) seamlessly continues the ornate cornice of (the probably much older) no. 815. They really knew how to build in context back in the day, it seems.