Urban Standard Capital Provides $16 Million Inventory Loan to DDG Partners’ Tribeca Condo

Urban Standard Capital (USC), a New York-based fully integrated real estate private equity firm, has provided a $16 million condo inventory loan to DDG Partners, the developer of the high-end luxury condominium project 100 Franklin Street in historic East Tribeca.

USC’s loan refinanced Bank OZK’s construction loan and will give DDG Partners an additional avenue to sell the units and maximize pricing. Condominium inventory financing is the fastest growing part of Urban Standard Capital’s lending business, which is expanding across the United States.

Cent Franklin Street is a 22,336 square foot building that includes 10 residential units and 2 commercial units. All units have private elevator landings and the two duplex penthouses have ample outdoor space. The building is located at the corner of Church and Franklin streets, close to many art galleries and some of New York’s best restaurants. It is marketed by Development Marketing by Douglas Elliman.

“DDG has delivered a very special and unique property to the market,” said Robert Levine of Urban Standard Capital. “100 Franklin exemplifies DDG’s thoughtful approach to design and development.”

The client, DDG Partners, acted as designer, developer and contractor for the project.

The building is located in the heart of one of downtown’s most iconic intersections and the 218-foot-long facade along Sixth Ave evokes the Romanesque Revival style with its hand-crafted Kolumba bricks by Petersen Tegl. The unique exterior architecture leads to harmoniously functional and versatile interiors. Oversized ceiling heights and windows along with custom 7.5 inch wide Admonter flooring all create a feeling of lightness and elevated living.

Seth Weissman, Managing Partner of Urban Standard Capital, explained: “We have different tranches of capital which allow us to provide different levels of capital depending on the needs of each sponsor. Whether borrowers are looking for a 40% loan-to-value ratio or a 75% loan-to-value ratio, USC has capital solutions to meet their needs. »

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