Atlas Capital, Baupost, Zeckendorf sign $142.8M construction loan for in 175-unit affordable West Village

Atlas Capital Group, Baupost Group, and Zeckendorf Development through the entity 570 Washington Street LLC as borrower signed a new construction loan with lender Citibank valued at $142.8 million for a 175-unit senior affordable property at 570 Washington Street in West Village, Manhattan.
The deal closed on June 1, 2024 and was recorded on July 8, 2024.
The signatory for Atlas Capital Group, Baupost Group, and Zeckendorf Development was Andrew B. Cohen, Jeffrey A. Goldberger, Arthur W. Zeckendorf, and William L. Zeckendorf. HPD senior affordable rental apartments 175 units former lot 1103, at the address 570 Washington Street.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

The borrower

The PincusCo database currently indicates that Atlas Capital Group owned at least 15 commercial properties with 1,536 residential units in New York City with 1,339,941 square feet and a city-determined market value of $307.3 million. (Market value is typically about 50% of actual value.) The portfolio has $606.4 million in debt, with top three lenders as Square Mile Capital Management, MF1 Capital, and Arbor Realty Trust respectively. Within the portfolio, the bulk, or 94 percent of the 1,339,941 square feet of built space are elevator properties, with office properties next occupying 5 percent of the space. The bulk, or 58 percent of the built space, is in Brooklyn, with Manhattan next at 42 percent of the space.

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