Erno Bodek’s Erbo Properties has secured $56 million in construction financing from G4 Capital Partners for its project at 541 West 21st Street in West Chelsea. The developer will convert an existing 65,000 SF warehouse into an office building with ground-floor retail.
What comes next: Plans also call for adding a new façade, larger windows, rooftop amenities, and upgrading the elevators.
Worth Noting: Jonathan Aghravi’s JBA Equities arranged the debt. The firm also brokered $23 million in bridge financing provided by G4 in March.