Legion, Gindi Capital sign $124.8M senior construction loan, part of $335M package

Legion Investment Group and Gindi Capital through the entity Gramercy 252 Owner LLC as borrower signed a new construction loan with lender BDT & MSD Partners through the entity MSD RCOF Partners CXIII, LLC valued at $124.8 million for a development project at 252 Third Avenue, at the corner of 21st Street, in Gramercy, Manhattan.

On these lots, there are two new building construction projects. The largest, M00951325, is a new building project for a 64-unit (R-2) building submitted by Legion Investment Group and filed by Victor Sigoura with plans filed October 31, 2023 and it has not been permitted yet. The second largest, M00951038, is a new building project for a 13-unit (R-2) building submitted by Legion Investment Group and filed by Victor Sigoura with plans filed October 31, 2023 and it has not been permitted yet.
The deal closed on January 31, 2025 and was recorded on March 10, 2025. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $33.5 million.
The signatory for Legion Investment Group and Gindi Capital was Victor Sigoura . The signatory for BDT & MSD Partners was Kenneth Gerold. The total financing package with Global Holdings is $335 million, according to a report in The Real Deal.

The block

On the tax block of 37 Gramercy Park East, PincusCo has identified the owners of eight of the 11 commercial properties representing 337,522 square feet of the 362,230 square feet. The largest owner is Feil Organization, followed by Legion Investment Group and then Richard Warshaw.

The majority, or 86 percent of the 362,230 square feet of built space are office buildings, with mixed-use buildings next occupying 6 percent of the space.

The borrower

The PincusCo database currently indicates that Legion Investment Group owned at least 16 commercial properties with 118 residential units in New York City with 416,802 square feet. The portfolio has $486.2 million in debt, with top three lenders as Deutsche Bank, Maxim Capital Group, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 53 percent of the 416,802 square feet of built space are elevator properties, with office properties next occupying 26 percent of the space. The bulk, or 98 percent of the built space, is in Manhattan, with Brooklyn next at 2 percent of the space.
The PincusCo database currently indicates that Gindi Capital owned at least eight commercial properties with 42 residential units in New York City with 89,087 square feet and a city-determined market value of $28.6 million. (Market value is typically about 50% of actual value.) The portfolio has $29 million in debt, borrowed from Goldman Sachs. Within the portfolio, the bulk, or 66 percent of the 89,087 square feet of built space are mixed-use properties, with D4 properties next occupying 24 percent of the space. The bulk, or 66 percent of the built space, is in Queens, with Manhattan next at 34 percent of the space.

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