Bluerock Commences Development of The Charles with $86 Million Loan from Starwood Property Trust
Bluerock Real Estate announced today that it has closed an $86 million construction loan with Starwood Property Trust, the nation’s largest commercial mortgage real estate investment trust. The funds will be used to construct a 31-story luxury condominium development known as “The Charles,” located on First Avenue between 72nd and 73rd streets in New York City.
In anticipation of the financing, Bluerock and its development manager, Victor Homes, broke ground on the site in November, and foundation work is currently underway.
Designed by architect Ismael Leyva, in collaboration with the London-based interior design firm David Collins Studio, the project will feature 29 private full-floor three-, four-, and five-bedroom luxury condominium residences. The Charles’ 3,100 to 3,600 square foot floor plates have been designed specifically to meet the requirements of a much-under-served market for family sized condominiums in Manhattan’s Upper East Side. In addition to the standard amenities found in new luxury buildings today, the Charles will also have features that are hard to find in today’s new construction.
“We are very pleased with Starwood’s execution,” says Ramin Kamfar, Founder and Chief Executive Officer of Bluerock. “The team understood our unique vision for this site, as well as the compelling market opportunities in the Upper East Side and provided a tailored financing solution to help us bring this project to fruition.”
“We are excited to be associated with Bluerock and to have been given the opportunity to provide a flexible financing structure to meet the needs of our borrowers,” says Andrew J. Sossen, Starwood Property Trust’s Chief Operating Officer.
Town New Development Marketing and Sales has been appointed the exclusive marketing and sales agent for the property, which is slated for completion in 2014.
About Bluerock Real Estate
Bluerock Real Estate is a national investment firm headquartered in Manhattan, which was founded to provide institutional investments for individual investors.