Eastern Consolidated’s Capital Advisory Division has arranged a $215 million construction loan for the development of a shovel-ready, 27-story, 170-unit luxury residential condominium project at 537 Greenwich Street within the Special Hudson Square Zoning District. Managing Director Adam Hakim and Director James Murad represented the borrower, Cape Advisors and its new equity partner Strategic Real Estate LLC, in securing the financing from Bank of the Ozarks. The team previously placed a bridge loan with Bank of the Ozarks for the acquisition of the lots and air rights for the site. “This is going to be a tremendous project with sweeping views of the Hudson River from apartments facing south and west, and skyline views from those facing north and east” Hakim said. “The average price per unit will be below $3 million, a price point that has been showing consistent velocity in the current environment and is considered affordable in Manhattan’s new development market.” The development site offers a zoning floor area of 228,000 square feet, resulting from two combined lots, 537 Greenwich Street / 110 Charlton Street, and air rights obtained from five adjacent and nearby properties.