Developer Cape Advisors has secured $83.85 million in financing for the construction of a mixed use residential condominium project in Tribeca at 30 Warren Street. A $19.05 million mezzanine loan was procured by Eastern Consolidated’s Capital Advisory Division from Terra Capital Partners sitting in second position behind a $64.8 million first mortgage from Bank of the Ozarks. The project will feature a 12 story, 23 unit luxury condominium building with ground floor and lower level retail space totaling 10,858 sqf.
“This development will offer retail space totaling 5,878 net square feet on the ground floor and 4,980 net sqf on the lower level on a prime Tribeca commercial corridor, adding significant value to the project,” Adam Hakim, Managing Director Eastern Consolidated said. “Tribeca is one of Manhattan’s most desirable neighborhoods in which to shop, live, work, and play, and in recent years has attracted over 20 million square feet of new or converted commercial, retail, and residential development.
