Legion Investment Group and partner AVRS Partners LP closed on a $155-million construction loan from Eldridge Real Estate Credit, the real estate investing strategy of Eldridge Capital Management, for 550 W. 21st St., a condominium project that will bring 83 residences to West Chelsea. The financing coincides with visible progress onsite, where concrete superstructure pours have been underway since late September.
“This financing milestone underscores the unique value of 550 W. 21st St., the last major waterfront development site in West Chelsea of this scale and quality,” said Victor Sigoura, founder and CEO of Legion Investment Group. “With unobstructed Hudson River views and direct waterfront access, the project represents a truly rare opportunity, and we look forward to sharing more details in the upcoming months.”
The 23-story building will be situated between the Hudson River Park and the High Line, providing residents with connectivity to green spaces featuring extensive pedestrian pathways, recreational areas and riverfront views.
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