Caspi Development borrows $95M from Hana Financial for Tribeca hotel development

Caspi Development through the entity CBCS Washington Street LP as borrower signed a loan agreement with lender South Korea’s Hana Financial Investment through the entity 456 Greenwich Primary LLC valued at $95.0 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 456 Greenwich Street in Tribeca. The deal closed on November 13, 2019 and was recorded on November 25, 2019.

Caspi controls the property through a 99-year ground lease with Ponte Equities, and is constructing a hotel. The Real Deal reported that the entire loan is valued at $135 million, but so far $95 million has been recorded.

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $150,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $100,000.There has been one new building permit application totaling 66,309 square feet. Those plans include a total of 96 hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link