NEW YORK CITY—Coral Realty has secured a $66-million senior loan for the recapitalization and lease-up of Theater House, a 105-unit multifamily glass tower in the Kips Bay section of Midtown.

PCCP provided the loan. The newly developed, 25-story tower, at 237 E. 34th St., features 7,489 square feet of commercial space and is 99% complete. Move-in of residents is anticipated by March 2017.

“PCCP's loan will refinance the outstanding construction loan, and provide Coral Realty with the ability to market the asset in order to lease up the remaining availability,” says John Randall, managing director. “We are pleased to have the opportunity to provide Coral Realty with this loan as the company has a history of success with residential projects in New York City.”

He adds, “Theater House will bring luxury apartment housing to a robust local workforce that is seeking a prime location in the midst of nearby amenities and public transportation.”

Located on East 34th Street between Second and Third avenues, Theater House features a mixture of studio, one‐ and two‐bedroom apartments; a double‐height lobby with a 24/7 doorman; 7,000 square feet of indoor and outdoor communal space and a 24/7 gym facility.

Theater House provides easy access to the six‐line subway stop at 33rd Street and Lexington Avenue and access to crosstown buses. East of the property is the medical corridor of Manhattan, home to NYU Medical Center, Bellevue Hospital, and Beth Israel Medical Center, amongst many other renowned medical centers and medical office buildings. The area has proximity to many amenities, including bars and nightlife, ethnic cuisine, and public transportation.

NEW YORK CITY—Coral Realty has secured a $66-million senior loan for the recapitalization and lease-up of Theater House, a 105-unit multifamily glass tower in the Kips Bay section of Midtown.

PCCP provided the loan. The newly developed, 25-story tower, at 237 E. 34th St., features 7,489 square feet of commercial space and is 99% complete. Move-in of residents is anticipated by March 2017.

He adds, “Theater House will bring luxury apartment housing to a robust local workforce that is seeking a prime location in the midst of nearby amenities and public transportation.”

Instant Insights /

Midtown Resi Project Nabs Recap Loan

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