Developer looking to build two towers on West 18th Street
Ziel Feldman’s HFZ Capital Group is looking to raise around $250 million in EB-5 funds for its latest High Line condo development at 518 West 18th Street.
The U.S. Immigration Fund, an EB-5 regional center, is handling the fundraising in two phases of more than $120 million each, and is currently raising cash under the first phase, CEO Nicholas Mastroianni told The Real Deal.
HFZ closed on the 36,000-square-foot site for $870 million – or about $1,100 per buildable square foot – in May. The firm funded the acquisition with a $830 million loan from a group including JPMorgan, BlackRock and SL Green Realty, and would need about $1 billion more to fund construction. Howard Michaels’ Carlton Group brokered the acquisition loan and is advising on the construction financing (which HFZ is not yet in the market for), according to sources.
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