A partnership between developer Sheryl Hempel and Prosper Property Group has landed a $16 million debt package to complete a planned condominium development on Manhattan’s Lower East Side, Commercial Observer has learned. Crestline Direct Finance and Summit Capital Funding supplied the two-year floating-rate loan for the sponsorship’s six-story, 12-unit condo project at 330 Grand Street. The debt package will refinance an existing $12.35 million construction loan provided by Parkview Financial in late 2020, and also fund the balance of its development and carry costs.
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