First Republic Bank Provides $53M Construction Loan For Sky Management's Mixed-Use Project In Manhattan

Ben Ohebshalom's Sky Management has secured a $53M construction loan from First Republic Bank, led by James H. Herbert II. The loan will facilitate the development of a 22-floor, 107K SF mixed-use building located at 511 East 86th Street in Manhattan, NY. The property, which was purchased by Ohebshalom for $2.7M in 2007, will feature 139 rental units and 5K of retail space.

Summary of transaction details

• Property Type: Construction Loan
• Transaction Amount: $53M
• Address: 511 East 86th Street, Manhattan, NY
• Developer: Ben Ohebshalom's Sky Management
• Lender: First Republic Bank - James H. Herbert II
• Mortgage Broker: Aaron Birnbaum, Tal Savariego

In addition to Ben Ohebshalom's involvement as the developer, James H. Herbert II from First Republic Bank led the lending process. The mortgage brokerage services were provided by Aaron Birnbaum and Tal Savariego. Together, they ensured the successful financing of the project, enabling the construction of the 22-floor building with its 139 rental units and 5K of retail space.