Artifact And Ashok Khubani Secure $85.5 Million Refinance From Genesis Capital For Development Site

The transaction involves a development site located at 636 West 158th Street and 646 West 158th Street in the Washington Heights market of Manhattan, with a total building square footage of 112,104. The loan amount for this refinance is $85,500,000, secured against a 13-unit development where a 120-unit project is planned, backed by significant air rights.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $85,500,000
• Lender: Genesis Capital
• Landlord: Artifact & Ashok Khubani
• Asset Address: 636 West 158th Street & 646 West 158th Street
• Market: Washington Heights, Manhattan
• Building Square Footage: 112,104

Artifact and Ashok Khubani executed the refinancing through West 158 Street Opportunity LLC, facilitating a significant financial move with Genesis Capital. This financing is aimed to support the development of a larger project at the site, indicating strong investment intentions in the area.