Manhattan Condo Project Lands $205 Million Construction Loan

A boutique development firm has landed a $205 million construction loan for the purchase and building of a 130-unit condo tower in Manhattan.

Continuum Company received the financing for the project at 26-40 E. 35th St., which was previously home to the Community Church of New York, law firm Cole Schotz, which represented Continuum, said in an emailed statement to CoStar News. The church was the seller of the property, a Cole Schotz spokesperson told CoStar.

The financing was structured as a $180 million mortgage loan and a $25 million mezzanine loan, Cole Schotz said, adding it simultaneously negotiated joint ventures, provided tax advice, and advised on the purchase of certain air rights to facilitate the development, between Madison and Park avenues.

The church was the seller of the property, a Cole Schotz spokesperson told CoStar, without specifying the lenders. 

For The Record

The Cole Schotz team included Matthew Schneid, Emanuel Tsourounis II, Jeffrey Schechter and Robyn Pellegrino, and associates David Borsack, Matthew Love and Andreas Apostolides.