Delshah Capital and its joint venture partner Square Mile Capital Management has locked up a $130 million construction loan for the conversion of a former medical facility into a luxury rental community. Located in Manhattan‘s Morningside Heights neighborhood on Morningside Drive, the 200,00 sqf project will feature 205 units. Completed in 1928, the asset comprises five Ernest Flagg-designed pre-war buildings, including a carriage house. Original architectural features include buff brick with granite bases, decorative iron balconies, marble ornament and red slate roofs. Eastern Consolidated’s Managing Director Adam Hakim and Director of the Capital Advisory Division James Murad arranged the financing. The developers paid $111.5 million for the site in June of 2016.
“This is an opportunity for us to preserve the vision of the building’s original architect, the late Ernest Flagg. CetraRuddy, our architect, has delivered spectacularly on the charge to design a building of gravitas and architectural significance that honors the Flagg legacy, while incorporating modern luxuries and accents,” stated Michael Shah, principal & CEO of Delshah Capital.
