HAP Investments

HAP locks in $235M construction loan for Chelsea rental-condo Subsidiary of Japan’s largest homebuilder p上海夜网论坛

rovided financing for the two-building阿拉爱上海同城


215-227 West 28th Street rendering (credit: DXA Studio via New York YIMBY)

HAP Investments scored a $235 million construction loan for its two-building, rental-condominium development in Chelsea, sources told The Real Deal.

Daiwa House Texas, a U.S. subsidiary of Japan’s largest homebuilder Daiwa House Group, provided the financing for the project at 215-227 West 28th Street阿爱上海同城

, said sources familiar with the deal. In addition to a senior loan, Daiwa provided mezzanine and joint-venture equity in the deal, sources added.

Daiwa also provided $42 million in acquisition and predevelopment financing for one of the parcels last year.

HAP spent more than $76 million assembling the site and filed plans for the first building in 2014 and then the second one last year. The Department of Buildings approved the plans, most recently for the second building on Oct. 12, records show.

Plans call for a pair of 20-story buildings with 122 condos and 120 rental units. The complex, pegged at a construction cost of $387 million, would span a total of 300,000 square feet. DXA Studio, which replaced frequent HAP collaborator Karim Rashid, is the architect.

A Carlton Group team led by Howard Michaels and Jonathan Rosner brokered the deal. Carlton said it recently brokered a $235 million construction loan in Chelsea, but declined to comment further.

Representatives for HAP and Daiwa could not be immediately reached for comment.

HAP, the Midtown East-based development firm led by Eran Polack, Amir Hasid and Nir Amsel, has been active in Harlem and is developing a 42-story mixed-use tower in Jersey City. An Israeli court 上海贵族宝贝论坛

ruled in September that Polack lied about being a victim of a $10 million diamond heist.

Tags: carlton group, Commercial Real Estate, HAP Investment
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