NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a joint venture for the development of 69 West Broadway, a ground-up luxury condominium project in Lower Manhattan’s trendy Tribeca neighborhood.
HFF worked on behalf of the developer, Cape Advisors, Inc. and Forum Absolute Equity Partners, a private equity fund based in New York, to arrange the investment with a European fund, which contributed in excess of $21 million toward the total project cost of approximately $120 million.
69 West Broadway will occupy the block between Warren and Murray Streets at West Broadway in Tribeca. This location, convenient to the 1, 2, 3, A and C Chambers Street metro stations as well as the newly completed, Santiago Calatrava-designed World Trade Center Transportation Hub, is being designed by BKSK Architects. The eight-story building will have 24 luxury units situated above ground-floor retail.
HFF’s equity placement team was led by senior managing director Eric Anton.
“It is always a pleasure to work with the creative team at Cape Advisors, and I am happy that HFF was able to aid in the funding of their latest endeavor,” Anton said. “Given the current challenges in securing capital for condominium development, this deal is a testament to the quality of the location, development team and long-term strength of New York City’s residential market.”
About Cape Advisors, Inc. Cape Advisors, Inc. was formed in 1995 as a real estate development and investment firm. Since its inception, the company has completed over $1 billion in development projects, principally in New York City and New Jersey, including multifamily residential projects, hotels and conference centers, land development, retail projects, historic preservation, adaptive re-use, and environmentally sensitive projects. Cape Advisors’ projects set themselves apart from the ordinary blending an attention to context and place, exciting design and high-quality execution.
About HFF: Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.