Overview
- The joint venture of Kinsmen Property Group and SK Development secured roughly $203.5 million in floating‑rate, interest‑only construction financing, a deal that closed Tuesday.
- The filed plan calls for 184 rental apartments across two tax‑lot buildings that would read as a single roughly 17‑story structure with about 12,500–13,000 square feet of ground‑floor retail.
- About 20 percent of the units—roughly 37 apartments—are proposed as permanently affordable targeting around 80 percent of area median income under the two‑building scheme.
- The developers have asked the Landmarks Preservation Commission to allow an air‑rights transfer of roughly 26,000–27,000 square feet from St. Mark’s Church, which is tied to the project’s eligibility for the 485‑x tax incentive and would fund church preservation.
- If the LPC rejects the air‑rights/zoning changes, the JV says it will proceed with a fallback single‑building, market‑rate design instead and the construction loan leaves the project sensitive to interest‑rate moves during the build‑out.