Axonic Capital, alongside GreenBarn Investment Group, Skylight Real Estate Partners and Meadow Partners, co-originated a $77 million mezzanine construction loan for Grubb Properties’ 64-story residential tower at 8 Carlisle Street in Manhattan’s Financial District. Maxim Capital Group provided a $300 million senior construction loan, bringing total financing to $377 million. The project’s total capitalization is approximately $500 million.
The mezzanine consortium’s involvement follows an existing relationship with Grubb Properties. GreenBarn, Skylight and Axonic had previously provided a $55 million fund-level net asset value (NAV) loan to Grubb in November 2024, collateralized by a portfolio of 27 assets, including 8 Carlisle. That earlier transaction gave the firms visibility into the project ahead of negotiating the mezzanine loan, which closed on July 2.
At 789 feet, 8 Carlisle Street is one of the tallest buildings in the Financial District and one of the last properties to be delivered under a 70/30 421-a structure. The financing will facilitate the completion and lease-up of the building, which is expected to top out in the coming weeks.
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