Victor Sigoura is making progress with a rental venture in Greenwich Village, the most recent iron in a piping-hot oven for the developer.
Sigoura’s Legion Funding Group and Ted Segal’s EJS Group scored $191.1 million in building financing for a growth at 11 West thirteenth Avenue, Crain’s reported. The financing helps a 34-unit venture on the former metropolis authorities workplace web site.
The majority of the financing comes from a $140.1 million senior mortgage from Financial institution OZK, a frequent participant in Manhattan’s growth house. One other $50 million in mezzanine debt is coming from CanAm Enterprises, which raises funds by means of the EB-5 program.
The builders are planning a 500-foot-tall venture on the vacant and excavated web site, which as soon as housed the town’s Human Assets Administration. Along with the models, parking and cupboard space, the property is predicted to incorporate three storefronts, in line with a preliminary providing plan.
Legion and EJS purchased the event parcel in 2024 from Philips Worldwide, Lawland Properties, Arnold Penner Actual Property and Rhodes Constructing Administration for $57.5 million. Maxim Capital supplied a $37.5 million mortgage for the transaction.
Gross sales are anticipated to start over the summer time; a projected sellout has not been disclosed. Legion expects to open the constructing’s doorways subsequent 12 months.
The posh rental developer has been preserving lots busy in current months.
Within the fall, Legion scored a $155 million construction loan from Eldridge Actual Property Credit score, the actual property investing arm of Eldridge Capital Administration, for a venture in West Chelsea. The 23-story venture will provide 83 condos throughout the best way from Chelsea Piers.
Sigoura, who’s partnering with AVRS Companions on the venture at 550 West twenty first Avenue, purchased the positioning out of chapter a 12 months and a half in the past for $87 million.
Legion’s different developments embrace 109 East 79th Avenue, which has seen greater than $400 million in gross sales, and a 26-unit venture at 1122 Madison Avenue that’s within the midst of gross sales.
Learn extra
Legion, EJS pick up Greenwich Village development site
Legion snags $155M construction loan for West Chelsea condos
Victor Sigoura picks up site of failed West Chelsea condo for $87M
