60 Fulton St. Tower Secures Construction Financing

NEW YORK CITY—HFF, working on behalf of Gerald and Steven Brauser of The Parkland Group, LLC, has arranged $61.75 million in financing for the development the Exhibit luxury residential tower at 60 Fulton St. in Lower Manhattan.

The 23-story development located on the corner of Fulton and Cliff streets, will feature 120 residential units (96 market rate and 24 affordable units) comprised of studio, one- and two-bedroom floor plans and 6,800 square feet of retail space. Scheduled for completion in 2016, the project will be developed by Socius Development Group.

This is the second collaboration between Scott Aaron, managing principal of Socius Development, and the Brauser family. They previously developed a luxury condominium and retail development at 100 West 18th St. in Chelsea

The HFF team representing the Parkland Group in securing the 33-year construction perm loan through Pacific Life Insurance Co. was led by managing director Rob Rizzi, managing director Michael Gigliotti and director Jennifer Keller.

“The project is strategically positioned to benefit from the ongoing transformation of the Financial District into a vibrant residential neighborhood,” says HFF's Keller. “This construction-perm loan allowed the sponsor to lock a historically low fixed interest rate with an opportunity to increase proceeds upon stabilization—an ideal execution for a generational owner.”

The Parkland Group, based in Manhattan and with offices in Fort Lauderdale, FL is a fully integrated real estate owner, operator and developer led by Gerald and Steven Brauser. The company's portfolio is comprised of multifamily, retail, truck stops and parking garages throughout the United States.

Socius Development Group of New York City is a full-service real estate development firm, specializing in luxury residential and hospitality development in the New York, New Jersey and Connecticut region.