Legion Investment Group and Equity High School has collaborated on a 300,000 square foot residential development up on Manhattan’s Upper East Side.
The new partnership secured a $99 million pre-construction loan for the 37-story project 1491-1497 Third Avenue on Thursday, according to Real Dealwas the first to report the news.
Partner of BDT & MSD and Deutsche Bank given a loan, while a Walker & Dunlop team led by Aaron Apple, Dustin Stolly, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer and Sean Bastian manage funding.
“We are pleased to once again partner with Legion, along with SMA Equities, to arrange financing that facilitates the acquisition of this irreplaceable Upper East Side condominium development site,” Appel said in a statement to CO.
The assembly at the corner of East 84th Street and Third Avenue has been nearly 20 years in the making, according to TRD. Samy Mahfar‘s SMA Equities first bought a corner lot 1491-1493 Third Avenue in 2007, paid $33.8 million for the historic commercial building alongside real estate investors David Moussazadeh and Rex property‘ Francis Moezinia.
In 2016, the three partners acquired a higher commercial property in 1495 Third Avenue next to $ 18.2 million, according to the city report, and surprisingly a five-story mixed apartment building 1497 Third Avenue to $12.5 million by 2025.
Demolition for housing development has been done, with Hill West Architects selected for its design. The upcoming 510-foot-tall tower will include approximately 120 condominiums, according to New York YIMBYand will offer 18,994 square meters of ground-level commercial space.
The project with SMA Equities adds another feather to the cap of Legion’s Upper East Side portfolio, which includes a luxury condominium tower in 109 East 79th Street and 1122 Madison Avenue. Final development with The capital of Nahla the top comes out in January.
This past summer, so did Legion wrapped vertical construction at 550 West 21st Street, Chelsea’s 83-unit joint project The High Line. The company continues the development of the assemblage of six parcels 38 Gramercy Park East together Gindi Capital.
A spokeswoman for Deutsche Bank declined to comment on the transaction, and spokespeople for Legion, SMA Equities and BDT & MSD Partners did not respond to requests for comment.
Emily Davis can reach it edavis@commercialobserver.com.