Michael Namer’s Alfa Development has snagged a $113.6 million construction loan from Wells Fargo and Santander Bank for its condominium development at 200 East 21st Street.
No brokers were involved in the financing deal, which paves the way for the Chelsea-based development firm to construct a 20-story building on the site, according to the Commercial Observer.
Namer’s firm paid nearly $70 million for the property last year, where prior owners Kevin Maloney’s Property Markets Group and Kasra Sanandaji’s Apex Investments had toyed with the idea of an affordable housing project.
PMG and Apex spent $32.7 million to assemble the site — which consisted of four mixed-use buildings — before Alfa scooped up the parcel.
Shortly after buying the site, Alfa filed plans to demolish four buildings in order to build a 65-unit condo building with 7,200 square feet of retail on the ground floor.
Alfa has tapped BKSK as the architect.
News Source: The Real Deal