Real Estate

Deutsche Bank lends $115 million to Savanna and Silvermintz

therealdeal.comThe Silvermintz family, along with the Savanna Real Estate Fund, accepted a $115 million loan from Deutsche Bank to finance construction at 540 West 26th Street in Chelsea.

The firms are planning a nine-story commercial building designed by Morris Adjmi at the site of the former West Chelsea art gallery. The 166,000-square-foot structure will contain galleries, offices and community facilities.

The international private school Avenues: The World School has already pre-leased 51 percent of the property, the New York Observer reported.

Categories: Real Estate

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