Carlton Closes $235 Million Construction Loan For Chelsea Rental-Condo


The Carlton Group, as HAP Investments’ exclusive equity and debt advisor, scored a $235 million construction loan for HAP’s two-building, rental-condominium development in the Manhattan’s Chelsea section.

Daiwa House Texas, a U.S. subsidiary of Japan’s largest homebuilder Daiwa House Group, provided the financing for the project at 215-227 West 28th Street. In addition to providing the construction loan, Daiwa provided mezzanine and joint-venture equity in the deal. Daiwa also provided $42 million in acquisition and predevelopment financing for one of the parcels last year.

HAP spent more than $76 million assembling the site and filed plans for the first building in 2014 and then the second one last year. The Department of Buildings approved the plans, most recently for the second building on Oct. 12th. Plans call for a pair of 20-story buildings with 122 condos and 120 rental units. The complex, pegged at a construction cost of $387 million, would span a total of 300k sf. DXA Architects is the architect.

The Carlton Group team, led by Chairman Howard L. Michaels and Managing Director Jonathan Rosner, executed the transaction on behalf of HAP.

Carlton specializes in financing construction and transitional assets and has closed more than $6 billion of construction loans within the last two years. For further information on Carlton’s equity and debt services please contact the undersigned.

Howard L. Michaels                                     Jonathan Rosner
Chairman                                                        Managing Director        
(212) 716-5607                                               (212) 716-5612


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