(Read more on the debt and equity markets and the multifamily market .)

NEW YORK CITY-Wrightwood Capital has provided $25.3 million to finance the conversion of a building to apartments in New York City. The building, located at 315 W. 35th St., is in the Garment District of Manhattan.

Built in 1927, the property is currently a vacant 14-story loft office building. The sponsor, Ari Chitrik, a Manhattan developer that specializes in the construction of multifamily buildings in New York, plans to convert the property to a 57-unit apartment building, with approximately 5,000 sf of retail space on the ground floor.

In a “wedding cake” style building, the apartments will have large windows and high ceilings, allowing for excellent natural light, and many units will have a balcony. The property will also have outdoor space on the rooftop and storage and laundry facilities in the basement.

A spokesperson for Wrightwood tells GlobeSt.com that they cannot give out asking rents on this type of property, which is located between Eighth and Ninth avenues. “While it is located mid-block, this building has exceptional light due to low-rise neighbors and building set backs,” says Dan Hartman, senior director of investments in Wrightwood Capital’s Connecticut office. “The floor plate size, high ceilings, huge windows and many balconies make this a perfect asset to convert to apartments.”

Hartman adds that, “its location is directly in the path of gentrification and its proximity to transportation should make this a successful project. The sponsor has extensive experience in development and should lend itself to a successful execution of the project, allowing him to capitalize on the demand for quality housing in the area.”

This represents the first transaction between the Ari Chitrik and Wrightwood Capital. The opportunity was sourced through Sam Spinner of Meridian Capital Group. Wrightwood Capital structured a 36-month loan.

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