Calmwater Capital provided the condo inventory loan
Michael Kirchmann’s GDS Development has secured a $32.9 million loan from Calmwater Capital to refinance its condo project at 500 West 25th Street in West Chelsea. The debt will allow the developer to finish construction and sell the units, according to CO who first reported the news.
Dig Deeper: The luxury condo building spans 24,218 square feet, and contains nine residential units, plus a retail component (2,650 SF). Eight of the units individually span 2,152 square feet, and are priced over $5.5 million. The penthouse (4,352 SF) has an asking price of around $17 million.
Flashback: The developer paid approximately $21.1 million for the site and the necessary air rights in 2016.