Witkoff, Access Industries buy HFZ’s XI in Chelsea in foreclosure sale, had $1.25B construction loan

Witkoff and Access Industries through the entity 76 11th Lender LLC bought a senior note with an original principal of $595 million from Children’s Investment Fund secured by HFZ Capital Group’s 235-unit condo, 137-room hotel and retail project at 76 Eleventh Avenue in Chelsea, Manhattan. The project had total construction debt of $1.25 billion including the senior loan and mezzanine debt. The Real Deal reported on the transfer this month.

The deal closed on December 3, 2021 and was recorded on December 28, 2021.

Ziel Feldman’s HFZ bought the property on May 7, 2015, for $870 million.
(121190308) Plans for a 373-unit, 760,430 square-foot R-2 were filed on December 15, 2015 and were permitted on March 30, 2018.
According to The Real Deal, Steve Witkoff’s Witkoff and Len Blavatnik’s Access Industries bought the property through a foreclosure sale. The signatory for the loan buyer was Scott Alper, president and chief investment officer at Witkoff.
There was a condominium project filed with the address 76 Eleventh Avenue and the name 76 Eleventh Avenue Condominium on June 29, 2016. The principals of the sponsor, 76 Eleventh Avenue Property Owner Llc, was Ziel Feldman. link

Direct link to Acris document. link