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Natixis Provides $30 Million of Floating-Rate Construction Financing on a Mixed-Use Luxury Condominium Development
Natixis Real Estate Capital LLC originated a $30 million construction loan on 809 Broadway to a private Manhattan-based development company.
The existing property is currently a 5-story commercial loft building located in Greenwich Village. Upon completion of the project, the property will be transformed into a boutique luxury condominium building with ground floor retail. Amenities at the property will include high ceiling heights ranging from approximately 10’ to 15’, outdoor space for select units, attended lobby, direct elevator entrance to each unit, storage room, bike room, and a gym with a sauna. A portion of the loan proceeds were used to retire the predevelopment loan that was provided by Natixis.
The financing was arranged by Christopher Herron from the New York office of Iron Hound Management Company, LLC.
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About Natixis
Natixis is a French multinational financial services firm specialized in asset & wealth management, corporate & investment banking, insurance and payments. A subsidiary of Groupe BPCE, the second-largest banking group in France through its two retail banking networks, Banque Populaire and Caisse d’Epargne, Natixis counts nearly 16,000 employees across 38 countries. Its clients include corporations, financial institutions, sovereign and supranational organizations, as well as the customers of Groupe BPCE’s networks. Listed on the Paris stock exchange, Natixis has a solid financial base with a CET1 capital under Basel 3(1) of €11.1 billion, a Basel 3 CET1 Ratio(1) of 11.5% and quality long-term ratings (Standard & Poor’s: A+ / Moody’s: A1 / Fitch Ratings: A+).
(1) Based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - without phase-in. See note on methodology in the 2Q19 earnings material.
Figures as at 30 June 2019