Landsea Homes Obtains $97M Loan From Mack Real Estate For Development In Flatiron

The property at 540 6th Ave in New York, NY, 10011, is a development site located in Manhattan's Flatiron district. A $97 million loan was arranged for the site acquisition and development of a mixed-use building with residential and retail space. The loan was provided by an affiliate of Mack Real Estate Credit Strategies for the borrowers, Landsea Homes and DNA Development LLC, who acquired the property from Extell Development.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $97,000,000.00
• Market: New York
• Borrower's Representatives: Patrick Hanlon (Ackman-Ziff), Ross Cumming (Ackman-Ziff), Sean Meehan (Ackman-Ziff)
• Borrower: Landsea Homes
• Lender: Mack Real Estate Group

The loan arrangement for the property at 540 6th Ave was facilitated by Patrick Hanlon, Sean Meehan, and Ross Cumming of Ackman-Ziff Real Estate Group LLC. The site's strategic location at the nexus of three downtown submarkets - Flatiron, Chelsea, and Greenwich Village - adds significant value to the planned mixed-use development, making it a promising project for the borrowers and lenders involved in the transaction.