Financing
CBSK Ironstate lands financing for development of 646 11th Avenue
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Hell’s Kitchen project will consist of residential condos and a large retail component
CBSK Ironstate (CB Developers + SK Development Group + Ironstate Development) has secured $181 million in construction financing from Deutsche Bank for 646 11th Avenue, according to TRD. The partnership also secured a $70 million preferred equity investment from Baupost Group.
Worth Noting: CBSK simultaneously closed on the $93 million acquisition of the site (contract was signed in December). Upon completion, the Hell’s Kitchen project will house 222 condos.
What’s in store: The property will span 161,000 square feet of residential condos, 40,000 square feet of retail, and 60 storage units. Lexus has paid around $30 million to reacquire the new retail condo, which is slated to open in 2020.
