Columbia Pacific Advisors Bridge Lending has provided a $13.75 million bridge loan to complete the redevelopment of 324-326 West 108th Street on the Upper West Side into a luxury condo for the over 55s.
Once part of the Diocese of New York’s massive property
portfolio, the Renaissance Revival-style property was acquired by Orly Gilat, a
specialist in atypical housing development and founder of Trevive Global, in 2015.
Gilat paid for $11.75 million for the landmarked six-story
building that once housed a school for women preparing to enter full-time work
in the Episcopal Church.
The building was a gift from “women of the church” in 1928.
Then named Windham House, it served graduates in the study of “Christian education,
the Devotional Life, Bible, Theology, Church History, Missions and related
Gilat is turning it into a luxury condo for 55-plus New Yorkers called Trevive W108 (pictured top). Once complete, it will have 14 units, most with private balconies and original fireplaces. Amenities will include a rooftop terrace, communal lounge with kitchen and dining nook, landscaped backyard, fitness center and co-working space.
There will be a concierge, weekly laundry service and a
program of on- and off-site events ranging from cooking classes to theater
Gilat is an urban planner who has worked in the development of independent and assisted-living communities for companies including Dial and Silvercrest. She developed the nation’s first assisted living project in public housing using HUD funding and oversaw multi-family renovations and new construction with the Women’s Housing and Economic Development Corporation in the Bronx.
Gerard Smith of Douglas Elliman has been tapped to market
the Trevive apartments and the community to those in ages 55-plus “who want to
engage and invest in a stimulating, culture-rich environment that offers them
freedom, choice, and support as they age.”
“New York’s improving condo market is encouraging, and we
believe in the fundamentals of the 324-326 West 108th Street redevelopment,”
said Will Nelson, senior vice president of real estate lending at Columbia
“The large open floor
plans, ample outdoor spaces, access to nearby Riverside Park, and prime
location on the Upper West Side appear to line up well with the post-COVID
buyer’s wish list.”
The Trevive development is among several luxury senior
properties in the pipeline in New York as developers press ahead with plans
despite the disproportionate hit the sector has taken during COVID.
Maplewood Senior Living and Omega Healthcare Investors has already
launched leasing at Inspir Carnegie Hill, their 23-story, 215-unit luxury
senior property. Others include The Watermark at Brooklyn Heights from
Watermark Retirement Communities and 2330 Broadway and Sunrise at East 56th, in
Manhattan from Hines and Welltower Inc.
The senior living sector is expected to enter recovery mode this year and independent living in particular is considered an attractive investment. Fitch has given the sector a stable outlook, maintain that the pandemic will not permanently dampen older adults’ enthusiasm for living in urban centers such as New York.
“While the coronavirus pandemic has created uncertainty
in the sector, the key drivers of fundamental credit quality that have
benefited the sector in recent years should remain in place,” said
Margaret Johnson, Director and Sector Lead for Senior Living. “We expect
continued favorable demographic trends, healthy residential real estate markets
and good access to the capital markets.”
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