Sioni Group Secures $48 Million Construction Loan From Valley National Bank For Garment District Project

A construction loan of $48 million was secured for a mixed-use project located at 28 West 37th Street in Manhattan’s Garment District. This project encompasses a 95-unit residential building with a total square footage of 85,894. The asset is positioned in a prominent market, contributing to the metropolitan landscape.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $48,000,000
• Address: 28 West 37th Street
• Market: Garment District, Manhattan
• Lender: Valley National Bank
• Landlord: Ray Yadidi & Jack Yadidi - Sioni Group
• Loan Type: Construction

Sioni Group, represented by 28 W 37 LLC, is behind the financing of this project, showcasing the collaborative effort of Ray Yadidi and Jack Yadidi in this development venture. Their partnership aims to enhance the Garment District with this significant construction initiative.