Legion Investment borrows $70M from ACORE Capital to build UES condo project

Victor Sigoura’s Legion Investment Group through the entity 79th Owner LLC as borrower signed a new development loan agreement with lender ACORE Capital’s Delphi CRE Funding LLC valued at $70.1 million for a planned condominium project at 109 East 79th Street in the Upper East Side. The deal closed on May 5, 2020 and was recorded on May 29, 2020.
Sigoura filed plans in 2019 for a 113,453-square-foot, 33-unit residential building with the city’s Department of Buildings. In October 2019 he filed plans with the office of the state’s Attorney General for a condominium project with 34 residential units. Gindi Capital is an investor in this project, according to The Real Deal.
The average loan per buildable square foot is $618. However, this loan does not include the building loan. All building loans are on hold until the state opens county clerk offices so developers can record building loans, a prerequisite to filing a building loan on Acris.
This loan refinances a June 2019 $55.5 million acquisition loan from Seven Valleys, the family office of SOHO China’s Xin Zhang and Shiyi Pan. The new loan pays off the Seven Valley loan and adds a $13 million project loan and $2.5 million in senior debt.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $40,000. There has been one new building permit application totaling 113,453 square feet. Those plans include a total of 33 residential units. There has been one demolition project filed for the parcels over the past five years. The demolition included 8 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link