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NEW YORK CITY-Two Downtown residential projects received funding yesterday to move forward with the projects. Canyon Capital Realty Advisors granted a $28.3-million senior bridge loan to Sleepy Hudson LLC and Apollo Real Estate Advisors provided $90 million in mezzanine financing to Leviev Boymelgreen Developers. Both projects are slated to be residential condominiums.

Apollo's financing is for the 20 Pine-the Collection residential development in the financial district. This is the second stage of financing for Leviev Boymelgreen Developers' 38-story project that is turning the former Chemical Bank headquarters into 408 luxury condos. The renovations began mid-2005 and the building is currently 60% contracted.

"20 Pine is among the premier residential developers in Lower Manhattan. The excellent pace of sales is a testament to the quality of the project and the expertise of Leviev Boymelgreen," says Apollo partner William McCahill in a statement.