Nexus Building Group Receives $26M Loan for UES Condo
Shaky Cohen’s real estate company, Nexus Development Building Group, received the loan to construct a luxury condominium at 176 E. 82nd St.
NEW YORK CITY—Shaky Cohen’s Nexus Development Building Group is taking out a $26.35 million loan to build a luxury condominium at 176 E. 82nd St. The property is located between Lexington and Third avenues. The Upper East Side Manhattan multifamily property will include nine luxury residential units and one commercial space on the ground floor. Trevian Capital was the lender.
Brad Domenico, partner at Progress Capital, secured the loan working with Michael Hoffenberg and Charlie Zabriskie of Trevian Capital. The non-recourse, interest-only loan will be used to fund hard and soft costs to complete construction.
“Even though construction capital in the luxury condominium space has become more challenging, we were able to deliver a customized financing package to meet all of the client’s goals,” says Domenico.