Atlas Capital Group, in partnership with Zeckendorf Development and Baupost Group, has secured a $985 million construction loan for their Lower Manhattan apartment project at 80 Clarkson St. This financing, arranged by Newmark, is believed to be the largest residential construction loan in Manhattan since before the pandemic.
The full-block development will soon begin vertical construction on its Hudson River site between Houston and Clarkson streets. The lenders involved are London-based Cale Street Partners and San Francisco-based Farallon Capital Management.
Both towers of the project are expected to be completed by 2027. In addition to these luxury apartments, there will also be a senior affordable housing building on site that is not covered by this particular loan.
This news comes after Atlas Capital’s initial purchase of the vacant 1.3-acre site was reported in February of last year. They then secured a $322 million financing package from Blackstone later that same year which helped kick-start this massive $1.25 billion project.
Renderings courtesy of COOKFOX Architects.
