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Northwind Group said Monday that its NDF III debt fund originated a $30 million first-mortgage acquisition and predevelopment loan for Pro-H Group’s purchase of 110 East 16th Street, a Union Square site planned for 52 for-sale condominiums.
The property, between Union Square East and Irving Place, is occupied by a vacant nine-story parking garage slated for demolition. Plans call for a 22-story residential building with one- to four-bedroom homes and resident amenities, according to the company’s November 9 announcement.
Pro-H Group is a New York developer and general contractor founded by Burton Hung. The financing covers acquisition and predevelopment; the announcement did not say construction had started or provide a completion date.
Northwind founder and managing partner Ran Eliasaf described the area as supply-constrained and said the project would add housing near Union Square. Those comments reflect the lender’s assessment of the market.
Brown Harris Stevens Development Marketing’s Robin Schneiderman represented Pro-H Group in the transaction. Jonathan Hageman of JLL represented the seller, according to the release, which did not identify the seller or disclose the property’s purchase price, loan interest rate or condominium asking prices.
JBizNews Desk | Real Estate & Business
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