David Werner Real Estate Investments Secures $231M Construction Loan For Midtown Manhattan Development Site

The asset involved in this transaction is a development site located at 675 3rd Avenue in Midtown Manhattan. The site is designated for conversion into a multifamily property consisting of 450 units, supported by a construction loan specifically aimed at this development. The loan amount secured for this project is $231 million, provided by Northwind Group.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $231,000,000
• Lender: Northwind Group
• Landlord: David Werner - David Werner Real Estate Investments, MetroLoft Management
• Loan Type: Construction

The transaction features key participants including David Werner, representing both David Werner Real Estate Investments and MetroLoft Management, who are overseeing the development of the site at 675 3rd Avenue. Their collaboration with Northwind Group marks an important step in the execution of the construction loan for this ambitious project.