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

NEW YORK CITY-SDS Procida Development is shoring up plans for the Dillon, an 85-unit residential building, now that it has closed $93.5 million in construction financing for the project. The Dillon is set to rise at 425 W. 53rd St.

Totaling approximately 204,403 sf, the luxury property will include simplex, duplex and triplex townhouses with underground parking and outdoor courtyards, according to SDS Procida. The developer declined to release specific details on the Dillon, including unit sizes and prices, before the plans are finalized.

Chicago-based Corus Bank, a subsidiary of Corus Bancshares Inc., provided the construction financing. Palisades Financial provided secondary financing.

“The Dillon represents a spectacular development opportunity. With Corus Bank and Palisades Financial as our financial partners on the project, we look forward to introducing both an outstanding and truly unique product into the Manhattan luxury residential market,” SDS Procida principal Mario Procida says in a statement.

Smith-Miller + Hawkinson Architects designed the Dillon. SDS Procida, which also includes principal Louis Greco, is also the development force behind the On Prospect Park condo property and Studio 322, a luxury condo project in Brooklyn Heights.

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