NEW YORK CITY—A venture of Time Equities Inc. and Hamlin Ventures reports it has closed on a three-year construction and development loan totaling $56.75 million for its uxury condo project at 34 Prince St. in Nolita.
The project is TEI and Hamlin's second venture together; the co-developers originally acquired the site for $30.7 million. The capital provided under the terms of the new loan will be used to redevelop the site for residential use, which will be comprised of seven condominium units and two townhomes.
Aaron Medeiros, director of acquisitions and policy at TEI, arranged the refinance of the property through Stuart Bruck, director of TEI's mortgage brokerage division, and will represent TEI as development manager.
“With almost 4,000 new residential units in the pipeline, Downtown Manhattan has quickly grown into a coveted location and with 34 Prince's chic neighborhood and historically significant character, we found the site to be incredibly desirable,” says Francis Greenburger, founder and CEO of TEI. “Once complete, we are confident that the development will be a notable addition to the neighborhood's rapidly evolving landscape.”
The 34 Prince St. property, which was built in 1825, was once the home of St. Patrick's Old Cathedral. After originally being purposed as a Roman Catholic orphanage, the building evolved into St. Patrick's Convent and Girl's school, New York's oldest parochial school, eventually becoming an educational institution for both boys and girls in 1931.
Led by Joseph Francois Mangin, who also designed New York City Hall, the building is one of New York's most well known federal style three-story structures, which was declared a city landmark in 1966 and is listed on the National Register of Historic Places.
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