RoundSquare signs $29.2M construction loan with Maxim for 10-unit renovation in Greenwich Village

RoundSquare Development through the entity 5658w12 Owner LLC as borrower signed a new construction loan with lender Maxim Capital Group through the entity Maxim Credit Group, LLC valued at $29.2 million for adjacent properties in Greenwich Village, Manhattan, with a total of 10 residential units including the six-unit walkup (C3) at 58 West 12th Street and the four-unit walkup (C2) at 56 West 12th Street.

The deal closed on September 10, 2026 and was recorded on September 24, 2026. The prior lender was JPMorgan Chase which held debt that had an original loan amount of $4.7 million.The two properties have 8,338 square feet of built space and 1,356 square feet of additional air rights for a total buildable of 9,695 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $3,508 and the price per buildable square foot is $3,016 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for RoundSquare Development was Robert Kaliner . The signatory for Maxim Capital Group was Eric Sadkin . Maxim Capital Group has provided $1702.7 million through 40 loans over the past two years, including $523.6 million in 15 refi loans, $502.4 million in four additional debt loans, $462 million in six new construction loans, $144.9 million in 10 acquisition loans, $47 million in two rehab construction loans, $13.3 million in two additional construction loans, and $9.5 million in one initial loan. The bulk, or 60 percent of the dollar volume, was in Manhattan, with Queens next with 32 percent.

The developer has submitted two renovation plans that have been accepted by the city’s Landmarks Preservation Commission.

M01456183 58 West 12th Street 6 units now and proposed, (NYC Department of City Planning says four units.)
M01456176 56 West 12th Street 4 units now and proposed (NYC Department of City Planning says six units.)

The properties

The parcels each have frontage of about 19 feet and are 103 feet deep with a total lot size of 1,995 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Greenwich Village Historic District. The city-designated market value for each property in 2022 was about $3.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have 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 of 58 West 12th Street, PincusCo has identified the owners of 11 of the 21 commercial properties representing 155,588 square feet of the 377,766 square feet. The largest owner is Charles Alpert , followed by Eun Rae Jo and then Robert Gitto.
There are no active new building construction projects on this tax block.

The majority, or 37 percent of the 377,766 square feet of built space are specialty buildings, with elevator buildings next occupying 32 percent of the space.

The borrower

The PincusCo database currently indicates that RoundSquare Development owned at least four commercial properties with 23 residential units in New York City with 19,429 square feet and a PincusCo-determined asset value of $121.7 million. Within the portfolio, the bulk, or 43 percent of the 19,429 square feet of built space are walkup properties, with office properties next occupying 34 percent of the space.

Direct link to Acris document. link