Square Mile Capital and Pacific Western Bank are set to provide $183 million in construction financing for a 12-story mixed-use property at 258-278 Eighth Avenue in Chelsea, Manhattan. A new Target retail store will occupy 28,000 square feet of the building’s lower levels. Above these floors, the development will house 190 rental apartments and associated amenities.
Square Mile Capital Management LLC
The development team behind a waterfront logistics center in The Bronx’s Schuylerville neighborhood has secured $305 million in financing to fund construction. The New York City-based developers include Innovo Property Group and Square Mile Capital Management, who worked with Bank OZK and the Structured Finance platform of EverWest Real Estate Investors to structure the deal.
The redevelopment of the riverside commercial site at 2505 Bruckner Boulevard, Schuylerville, has long been a mystery. Our last reporting on the project was back in 2015, when Extell acquired the 20 acres of land. The property has since passed along to Innovo Property Group and Square Mile Capital Management LLC, who will be building a massive, two-story, 840,000 square feet commercial distribution center. With two different levels of loading and unloading, it will be the first of its kind for the city, allowing for speedier and faster service on site.