Victor Sigoura’s Legion Investment Group, in partnership with Ted Segal’s EJS Group, has secured $191.1 million in construction financing for a new condominium project at 11 West 13th Street in Greenwich Village. According to Crain’s, the financing package will support a planned 34-unit development on a site that previously housed city government offices.
The financing includes a $140.1 million senior mortgage from Bank OZK and an additional $50 million in mezzanine debt provided by CanAm Enterprises, which utilizes funds raised through the EB-5 investor visa program.
Plans for the property call for a 500-foot-tall building featuring residential units as well as parking, storage space, and three storefronts. The developers acquired the parcel last year from Philips International, Lawland Properties, Arnold Penner Real Estate, and Rhodes Building Management for $57.5 million. Maxim Capital supplied a $37.5 million loan to facilitate that purchase.
Sales of units are anticipated to begin this summer; details on the projected sellout have not been released yet. Legion expects the building to open next year.
This latest project adds to Legion’s recent activity in Manhattan real estate development. In the fall, the company received a $155 million construction loan from Eldridge Real Estate Credit for an 83-condo tower near Chelsea Piers at 550 West 21st Street—a site Sigoura purchased out of bankruptcy about eighteen months ago for $87 million alongside AVRS Partners.
Other developments by Legion include 109 East 79th Street—where sales have exceeded $400 million—and an ongoing sales effort at its 26-unit project at 1122 Madison Avenue.
