Urban Standard Capital, a New York City-based private equity firm, has provided a $13.8 million acquisition and construction loan for a luxury condo project in Chelsea.
The developers, RoundSquare Development and VM Properties Group, plan to transform a two-story office/garage building at 227 West 19th Street into a luxury condominium with five full-floor residential units featuring private outdoor space and private elevator landings.
“This was our first transaction working with the team at Urban Standard and it was a great experience.” “We look forward to continuing our partnership with them,” said RoundSquare Development Principal Rob Kaliner and VM Victor Properties Group Principal Victor Perretta. Urban Standard Capital closed over $100 million of construction loans in October. Michael Horowitz of Cooper Horowitz brokered the deal.