Alpha Investment Partners and Centurion Real Estate Partners have secured a $204 million condo inventory loan from Singapore’s United Overseas Bank for their project at 200 East 59th Street, PincusCo first reported. The loan covers 61 unsold residences, an 18,000-square-foot commercial unit, and a 9,500-square-foot retail property one door down at 981 Third Avenue.
- Financing details: The new loan replaces $168 million in outstanding debt provided by United Overseas Bank, and includes an additional $36 million.
- Clock is ticking on many condo projects: The developers slashed asking prices by about 18 percent as only seven units have sold since hitting the market in 2017. The condos have a projected sellout of $331 million.