A joint venture between real estate investment firms Strategic Capital, Forum Absolute Capital Partners and Cape Advisors closed today on a $215 million construction loan for their recently announced West Soho development project at 537 Greenwich Street (October 4, 2017). The loan was funded by the Bank of the Ozarks and will fund the immediate construction of the 27-story, 280,000 SF residential tower with unobstructed Hudson River views in one of Manhattan’s most sought after areas. Eastern Consolidated’s Managing Director Adam Hakim and Director James Murad represented the joint venture in the transaction. 537 Greenwich will feature 170 condominium residences along with retail and parking. Sales of the residences expected to launch in 2018 with expected completion in late 2019. Strategic Capital is the New York-based investment arm of China Construction America (CCA), which is the American subsidiary of China State Construction and Engineering Company (CSCEC), a Fortune Global 500 giant and one of the largest investment and construction companies in the world.
“Securing this financing is a testament to the strength of our joint venture and development team as well as an endorsement of the partnership’s vision for 537 Greenwich,” said Craig Wood, CEO of Cape Advisors. “The project represents a singular opportunity in a fantastic downtown location, and we believe that it will resonate with a diverse range of buyers looking to make Manhattan their home.”
“This is a major milestone for 537 Greenwich as well as Strategic Capital,” said Ning Yuan, Chairman of CCA, parent company of Strategic Capital. “It signifies our first foray into the New York City market and we couldn’t be more pleased with the design and iconic location. We know our sister company Plaza Construction will build a project of the very highest quality.”