Grubb Nabs $377M FiDi Construction Loan: The N.Y. Deal Sheet
An under-construction apartment building in the Financial District that is set to become one of the neighborhood’s tallest towers just scored a major new financing package.
Grubb Properties landed $377M in fresh financing for 8 Carlisle St., split into a $300M senior construction loan from Maxim Capital Group and $77M in mezzanine financing from Skylight Real Estate Partners and GreenBarn Investment Group.
Arrow Real Estate Advisors’ Morris Betesh, Omar Ferreira, Brandon Serota and Jacob Petrovic arranged the financing.
North Carolina-based Grubb’s 462-unit project will span 64 stories and was halfway to its full 789-foot height in early June, New York YIMBY reported at the time.
The site, previously known as 111 Washington, contained a 10-story parking garage until it was demolished by a former owner in 2007.
But it ended up stuck as a stalled development site after two firms owned respectively by father-son duo Fred and Richard Ohebshalom acquired the property but later sued each other over its sale price, The Real Deal reported.
The property was still an empty development site by the time Grubb shelled out $89.2M for it in 2021. Grubb started pilings and earthwork at the property, which it is marketing as 8 Carlisle, in 2023, according to New York YIMBY.
The property is one of a select few ground-up residential developments in FiDi, where developers have more frequently pounced on office-to-residential conversions during the post-pandemic years.
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