I
an Eichner's Continuum Company secured a $205 million construction loan for its condo project at 40 East 35th Street, a former Murray Hill church site. The loan, arranged by IPA Capital Markets, consists of a $180 million senior loan from Kriss Capital and Klirmark Capital, as well as a $25 million mezzanine loan from Corigin. The 137-unit building is expected to be completed by early 2027.

    The 18-story project will feature an average unit size of 1,200 square feet, smaller than initially planned due to the shift back to office work. Eichner noted that the property's central location near hospitals and transportation hubs makes it attractive for buyers. The church sold its site to Continuum in a $69.5 million ground lease deal in 2022, which will convert to a sale later.

    The development site included rent-stabilized tenants and a men's homeless shelter, requiring the church to spend $6 million on an adjacent townhouse to relocate them. This cleared the way for the project, which will feature below-grade parking and ground-floor medical offices.