Urban Standard Capital (USC), a New York-based private equity firm, has provided a $20.1 million construction completion and condo inventory loan for 66 Clinton – a 12-unit luxury condominium building being developed by Vault Development Partners and TLM Equities in Manhattan’s Lower East Side. Located at 66 Clinton Street, the seven-story building is expected to be completed in fall 2023 with 15,463 sellable square feet of prime residential space.
Robert Levine from USC commented: “This is a construction completion loan that converts to condo inventory upon Certificate of Occupancy (C of O). We upsized the existing loan as we believe the sponsors have created tremendous value and are delivering top quality product within this submarket.” He further stated that while they have seen turbulence in the market recently, there has been an ongoing flight to quality which continues to be their focus when partnering with strong operators who deliver best-in class products.
