Atlas Capital, Baupost, Zeckendorf signs $649M senior construction loan in West Village, part of $985M package

Atlas Capital Group, Baupost Group, Zeckendorf Development through the entity Aci Vi Clarkson LLC as borrower signed a new construction loan with lender Cale Street Partners and Farallon Capital Management through the entity Csi Greenway 3.1 L.P. valued at $649 million for the property at 80 Clarkson Street in West Village, Manhattan. The entire loan was $985 million according to the New York Post which first reported the transaction.
The deal closed on July 29, 2024 and was recorded on August 2, 2024. The prior lender was Blackstone Group which held debt that had an original loan amount of $257.4 million.

The developers filed plans under job number M08015986 for a 131-unit, 671,604-square-foot building.

The signatory for Atlas Capital Group, Baupost Group, Zeckendorf Development was Jeffrey A. Goldberger, Andrew B. Cohen, Williem L. Zeckendorf, and Arthur W. Zeckendorf. The signatory for Cale Street Partners and Farallon Capital Management was Alexander Le Quesne. Alexander Le Quesne is an executive with Gen II Fund Administration.
The New York Post reported the lenders were Cale Street Partners and San Francisco-based Farallon Capital Management and the entire construction financing is about $985 million. Only $649 million was recorded. A team at Newmark brokered the loan, the report said. Cale Street Partners invests funds from the Kuwait Investment Authority according to the firm’s website. Another portion of the overall project for a 175-unit affordable residential building is not part of this financing and is being built through a separate $142.8 million loan that Citibank gave.

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.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block, there were two new building construction projects totaling 849,842 square feet. The largest is a 133-unit, 679,952 square-foot residential (R-2) building submitted by Andy Cohen with plans filed October 17, 2022 and permitted January 16, 2024. The second largest is a 169-unit, 169,890 square-foot residential (R-2) building submitted by Andy Cohen with plans filed October 14, 2022 and permitted March 7, 2023.

All properties are industrial.

Direct link to Acris document. link