NEW YORK, NY--(Marketwired - Jun 27, 2014) - New York City based real estate development and investment firm, The Bauhouse Group, today announced that is has secured a $35 million construction loan with Doral Bank and is set to begin construction at 515 West 29th Street.
Situated in one of the most sought-after locations, the property is the only site in Manhattan framed on two sides by the High Line and at the gateway to the Hudson Yards.
"We are pleased to have a project that is fully financed through completion," said Joseph Beninati, Managing Member of The Bauhouse Group. "Doral is a traditional balance sheet lender that is long accustomed to working with experienced general contractors and professionals on prominent Manhattan condo and retail projects such as ours." Mr. Beninati also noted that the team will soon announce the project's design architect and release exterior renderings of 515 West 29th Street.
"This project's unparalleled location, coupled with the large amount of equity that Bauhouse brought to the closing, created a very attractive and low risk development opportunity," added Mark Wolfson of Wolfson Capital, who arranged the acquisition and construction financing with Doral Bank on behalf of The Bauhouse Group. "Joe Beninati and his team recognized that this location was a real gem and the sponsor's tremendous experience over decades was attractive to the capital markets and enabled Bauhouse to meet the challenges unique to this acquisition," he said.
The Bauhouse Group closed on the six-story former warehouse property for $24.4 million in September 2013 and purchased three separate pieces of air rights for the building in March 2014 for $6 million to enable additional square footage. Once completed, the property will total approximately 43,000 gross square feet of space.
515 West 29th Street is slated to begin sales in fall 2014 via its exclusive broker Corcoran Group led by Noble Black's team. More information is available at www.515w29thst.com.