ABDO and Sherwood Secure $42M Perm Loan for 35 Cooper Square
Arun Bhatia Development Organization (ABDO) and Sherwood Equities have received $42 million in permanent financing from Helaba Bank for their recently-completed student housing development at 35 Cooper Square, Commercial Observer can first report.
The debt will be used to pay down the construction loan previously provided by Helaba, Anand Bhatia, vice president at ABDO told CO. This loan represents the second major student housing lending transaction between ABDO/ Sherwood and Helaba, which also financed the joint venture’s 648 bed dormitory project at 318 East 15th Street — which was leased to The New School.
“Student housing projects appeal to us, because they offer the opportunity for long-term development and also the opportunity to provide unique services for a university-age tenant,” said Anand Bhatia.
The firm’s 12-story Cooper Square project, which also has the address of 200 East 6th Street, is now fully leased and being used as student dormitories by Marymount Manhattan College. The residence includes 275 beds, a state-of-the-art gym, TV lounge, study rooms and a landscaped terrace on the seventh floor. It also includes 3,600 square feet of street-level retail.