The Bloc Secures $225M Loan For Final Phase
The final phase of The Bloc is being funded, thanks to a $225M loan The Ratkovich Co, National Real Estate Advisors and Blue Vista Capital just secured.
The loan, funded through an institutional balance sheet lender, also will replace a $121.6M CMBS loan, according to GlobeSt.
The JV inherited the loan when it purchased the property three years ago.
The project includes a 496-room hotel, retail (including a renovated Macy's) and creative office space. It's being transformed into a mixed-use development for $241M. [GS]