NEW YORK, NY – Holliday Fenoglio Fowler, L.P. (HFF) announces it has secured $97.1 million in financing for 111 Leroy, a boutique luxury condominium development in Manhattan’s West Village.
HFF worked on behalf of the developer, Property Markets Group (PMG), to arrange the two-year, floating-rate financing through Rialto Capital Management. Loan proceeds were used to finance unsold condo inventory at the development, which consists of 13 residences and four townhouses totaling approximately 50,000 sellable square feet. HFF previously secured construction financing for the project, which is now in the final stages of development.
111 Leroy consists of 18 bespoke residences within a 10-story, mid-rise tower at the corner of Greenwich Street in the West Village. The residences offer a variety of studio through four-bedroom floor plans ranging from 506 to 3,370 square feet and the project’s five three- and four-story townhouses include multiple private terraces with fire pits, outdoor kitchens, hot tubs and private elevators. The townhouses are available in a variety of four- and five-bedroom layouts averaging 5,397 square feet. The one five-bedroom townhouse unit also includes a private parking garage with direct entry. Homes will include high ceilings, nine-inch white oak flooring, LG washers and dryers, radiant floor heating, energy efficient HVAC systems, custom walnut cabinetry and Savant home automation. In addition to the high-end interior finishes and exclusive Leroy Street address, 111 Leroy will also feature a 24-hour doorman, state-of-the-art gym, resident’s lounge, water views, and a landscaped yard with arbor garden, lounge area, fire pit and barbecue.
The HFF debt placement team included managing director Christopher Peck and analyst Kristen Knapp.
About Property Markets Group: Property Markets Group (PMG) was founded by Kevin Maloney in 1991, and is a premier real estate investment, development and general construction firm. The company is headquartered in New York with offices in Miami and Chicago. PMG is one of the few remaining full-service, large-scale development companies with staff capable of maneuvering all facets of the development process. With direct hands-on experience in the acquisition, renovation, financing, operation and marketing of commercial and residential real estate, PMG has completed 85 residential buildings in New York, Florida, and Chicago, and over 150 real estate projects throughout the United States.
About Rialto Capital Management: Rialto Capital Management, together with its affiliates, is an integrated real estate investment and asset management company that invests and manages assets throughout the capital structure in real estate properties, loans and securities. Rialto was formed in 2007 and has participated in the investment of billions of dollars of equity in real estate assets. The company is headquartered in Miami, Florida, and with its affiliates have professionals operating in 13 offices in the U.S. and Europe. Rialto’s executive management team is comprised of seasoned professionals who have been market leaders globally in CMBS securities investing, loan origination, distressed debt and commercial and residential properties through multiple cycles. For more information, visit rialtocapital.com
About HFF: HFF and its affiliates operate out of 26 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 advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.