New York-based asset manager Apollo Global Management this week originated a $114 million construction loan for a condominium development in the city’s West Village submarket.
The ground-up project at 140 Jane Street is being developed by Aurora Capital Associates, with plans for a mix of three- to six-bedroom units.
New York-based advisory Newmark arranged the deal via Dustin Stolly and Jordan Roeschlaub, co-presidents of the debt and structured finance team. Executive managing directors Christopher Kramer and Nick Scribani and director Benjamin Kroll also made up the team that led the transaction.
Aurora Capital Associates was founded in 2004 by Robert Cayre. Since inception, the local developer has amassed a portfolio of properties across the five boroughs of New York City as well as Miami, Chicago and other major US cities.
Aurora has become one of the largest property owners in Manhattan’s SoHo neighborhood and Meatpacking District.
Aurora has also developed over 500,000 square feet of mixed-use office buildings at 61 Ninth Avenue, 40 Tenth Avenue, and 60-74 Gansevoort Street.