CSC Real Estate has secured a $108-million construction loan from SCALE Lending, Slate Property Group’s debt financing arm, to support the residential conversion of 770 Second Ave., a 17-story, 237,000-square-foot property in Manhattan’s Murray Hill neighborhood. The financing was arranged by Arrow Real Estate Advisors’ Morris Betesh, Morris Dabbah and Louis Halperin representing the lender. CSC Real Estate was represented by Vedder Price LLP, with a legal team led by Robert Salame.
The project will convert 12 floors into 140 residential units, including 35 affordable homes, along with approximately 11,000 square feet of new amenity space. CSC acquired the property for $52 million. In addition to its current development pipeline, CSC plans to announce three new conversion
transactions in prime urban neighborhoods.
“Our team is proud to advance the repositioning of 770 Second Ave. and deliver high-quality housing to New York City,” said Salo Smeke, principal of CSC Real Estate. “Institutional partners rely on CSC because we manage the most challenging projects with precision and accountability. The depth of capital interest we continue to see reflects the confidence the market places in our platform.”
