Webster Bank Provides $119M Construction Loan For Hell's Kitchen Development Site

The development site located at 364 West 54th Street in Hell's Kitchen, Manhattan, was involved in a recent transaction securing a construction loan amounting to $119,000,000. The lender, Webster Bank, provided the financing for this project. The property is set to host the Lirio affordable housing project, led by David Kramer of Hudson Cos, in collaboration with Housing Works. The development aims to offer 112 below-market-rate apartments along with office space designated for the Metropolitan Transportation Authority.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $119,000,000
• Address: 364 West 54th Street
• Market: Hell's Kitchen, Manhattan
• Loan Type: Construction
• Lender: Webster Bank
• Landlord: David Kramer - Hudson Cos

The deal's key individuals involved in this transaction are David Kramer representing Hudson Cos, who is the landlord in this project. Additionally, the lender Webster Bank played a crucial role in providing the $119,000,000 construction loan for the development site at 364 West 54th Street. The collaborative effort between Hudson Cos, Housing Works, and the Metropolitan Transportation Authority underscores a commitment to affordable housing initiatives within the Hell's Kitchen neighborhood of Manhattan.