Jeff Levine’s Douglaston Development has secured $415 million in construction financing for its planned residential tower at 601 West 29th Street, the company announced in a press release. HSBC was the lead on the deal, while Santander Bank, Bank of China, Landesbank Hessen-Thüringen, and Raymond James Bank also participated.
New partner: Levine also brought in Ares Management Corporation as a JV partner for the 931-unit apartment tower. The publicly traded company will invest $160 million in equity into the project.
Plans: Upon completion, the project will span 739,000 square feet, and include 15,000 square feet of retail space. The development site is located at the corner of 11th Avenue near the High Line and Hudson Yards.
Worth Noting: Douglaston signed a 99-year ground lease with Valeray Real Estate for the site eight months ago in a deal valued at $129.6 million. More recently, the developer closed on around 120,000 SF of air rights from Hudson River Park.