Urban Standard Capital provides $16 million inventory loan to DDG Partners

Manhattan, NY Urban Standard Capital (USC), a fully integrated real estate private equity firm, provided a $16 million condo inventory loan to DDG Partners, the developer of a condominium project 100 Franklin St. in Tribeca’s East Historic District.

USC’s loan refinanced Bank OZK’s construction loan and will give DDG Partners additional runway to sell the units and maximize pricing. Condo inventory financing is the fastest growing part of USC’s lending business, which is expanding across the U.S.

100 Franklin St. is a 22,336 s/f building with 10 residential and two commercial units. All of the units have private elevator landings and the two duplex penthouses have expansive outdoor space. The building is located on the corner of Church and Franklin Sts. It is being marketed by Douglas Elliman’s Development Marketing.

“DDG delivered a very special and unique property to the market,” said Robert Levine of USC. “100 Franklin exemplifies DDG’s thoughtful approach to design and development.”

The client, DDG Partners, acted as designer, developer, and contractor for the project.

Seth Weissman, managing partner of USC, said “We have different buckets of capital enabling us to provide varying levels of capital according to each sponsor’s needs. Whether borrowers are looking for 40% loan to value or 75% loan to value, USC has capital solutions to meet their needs.”

The building is positioned in one of downtown’s most iconic junctions and the development’s 218-ft.-long façade along Sixth Ave. evokes the Romanesque Revival style with its Petersen Tegl hand-made Kolumba bricks. The unique exterior architecture leads to interiors that are harmoniously functional and versatile. The oversized ceiling heights and windows as well as Admonter 7.5” wide signature custom flooring all create a sense of lightness and elevated living.