NEW YORK CITY-Blackhouse Development has secured a total of more than $80 million from two lenders for two luxury residential condominium projects in the West Chelsea section of Manhattan.
The Manhattan-based firm's two projects will be built next year within a half a block from the High Line elevated park. Blackhouse reached a deal to borrow $70 million from East West Bank of Pasadena, CA for its planned 11-story, 27-unit condo project at 522 W. 29th St. For this venture, Blackhouse is partnering with Oriel of Singapore.
Valley National Bank of Wayne, NJ is providing $12 million in financing for Blackhouse's 10-story project at 534 W. 29th St. that will feature six duplex units.
"When we started in this neighborhood, the High Line was not open and we had to struggle to convince lenders to back projects here," comments Sean Ludwick, a managing partner and founder of Blackhouse Development. "Now the demographic is well-heeled people and the creative class and everyone is racing to build here." See story in Crain's New York Business.
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