Lionheart Capital Secures $62.8 Million Loan From Benefit Street Partners For Greenwich Village Condo Conversion

The property asset involved in this transaction is a condominium located at 26 West 9th Street in the Greenwich Village market. The building consists of 45 units with a total square footage of 51,800. The loan amount secured for this property is $62,800,000, intended for transitional and rehabilitation purposes.

Summary of transaction details:

• Property Type: Condo
• Transaction Amount: $62,800,000
• Lender: Benefit Street Partners
• Key Individuals: David Elgart & Mike Comparato
• Landlord: Lionheart Capital
• Key Individuals: Ophir Sternberg & Allison Greenfield
• Capital Advisor: Lotus Capital Partners
• Key Individual: Faisal Ashraf
• Loan Terms: Transitional & rehabilitation housing loan

Lotus Capital Partners played a crucial role in structuring the development financing package that facilitated Lionheart Capital's access to the loan. This financing is designated for the conversion of a mostly empty rental building into a boutique pied-a-terre luxury condominium in the heart of New York City.