Urban Standard Capital, a NYC-based private equity firm, has supplied a $13.8 million acquisition and construction loan to develop a Chelsea luxury condo project.
The sponsors are experienced New York developers, RoundSquare Development and VM Properties Group who plan to turn the present two-story office/garage building at 227 West 19th Street into a luxury condominium with five high-end full floor residential units with private outdoor space and private elevator landings.
“While the market for construction financing is certainly challenged, we remain committed to our borrowers and their projects,” said Urban Standard Capital’s Robert Levine. “In October, we closed over $100 million of construction loans.” “We have seen our borrowers capitalizing on the market dislocations to acquire prime properties at a discount.” “227 W 19th is another example of leaning in during uncertain times.”
“This was our first transaction working with the team at Urban Standard and it was a great experience.” “We look forward to continuing our partnership with them,” said RoundSquare Development Principal Rob Kaliner and VM Victor Properties Group Principal Victor Perretta.
Michael Horowitz of Cooper Horowitz was the broker.
In just the last six weeks, Urban Standard Capital has closed $145 million in loans including 227 West 19th ($13.8 million), 625 New York Avenue/447 Fenimore in Brooklyn ($34 million), 827 Sterling Place in Brooklyn, ($38.5 million), a Montauk assemblage ($28 million) and a condo construction loan in Gravesend, Brooklyn ($32 million).