Anbau Enterprises has secured a construction loan amounting to $46,000,000 for the development site located at 428 W. 19th Street in New York. The property, a new condominium with 32 residential units, spans a total of 42,466 net sellable square feet.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $46,000,000
• Loan Type: Construction
• Loan Terms: 375 + SOFR @ 63% LTC

Adam Hakim, Andrew Iadeluca, and James Murad from Meridian Capital Group acted as the brokers for this deal. They facilitated the arrangement of a low floating rate spread non-recourse loan for the new condominium property. Anbau Enterprises, represented by Alex Glascock and Adrienne Glascock, will oversee the development and sale of the 32 residential units.

For further information regarding this transaction, please reach out to Andrew Iadeluca directly. He can be contacted at 315-480-2540 or via email at [email protected].