Broad Street Development Secures $71 Million Construction Loan For Luxury Condo Conversion In Tribeca

The asset involved in this transaction is a luxury condo conversion located at 139 Franklin Street in Tribeca, Manhattan, with a total square footage of 58,500. The loan amount secured for this project is $71,000,000, classified as a construction loan.

Summary of transaction details:

• Property Type: Luxury Condo Conversion
• Transaction Amount: $71,000,000
• Address: 139 Franklin Street
• Market: Tribeca, Manhattan
• Lender: Affiliates of Apollo Global Management
• Landlord: Broad Street Development
• Landlord Representatives: Raymond Chalme, Dan Blanco, David Israni, Matthew Sobel, Ben Kahan; TPG Angelo Gordon representatives: Doug Profenius, Mary Helen Tarbutton
• Brokers: Michael Gigliotti, Aaron Niedermayer - JLL
• Loan Type: Construction

The deal involves key representatives from Broad Street Development, including Raymond Chalme, Dan Blanco, David Israni, Matthew Sobel, and Ben Kahan, who are instrumental in the management of the asset. Additionally, TPG Angelo Gordon is represented by Doug Profenius and Mary Helen Tarbutton, contributing to the financial backing of the project. Brokers Michael Gigliotti and Aaron Niedermayer from JLL facilitated this transaction.