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Sleepy Hudson LLC has gotten a $28.3 million senior bridge loan to acquire two adjacent parcels of land on Broadway between White and Franklin Streets and Franklin Place in TriBeCa where it plans to erect a 21-story residential condominium building.

The financing was provided by Canyon Capital Realty Advisors and Pantheon Financial.

Sleepy Hudson LLC is the developer of Highline 519, a residential condominium development adjacent to the High Line at 519 West 23rd Street. That project had been designed by Lindy Roy and is distinguished by its cloud-like scrims on its balconies. Alexander Campagno is now the architect for that project, which has added one floor to its height and recently has been topped out and is scheduled for occupancy in the first quarter of next year, according to Paul Bonnar of Sleepy Hudson.

Dave Kislin and Leo Tsimmer are the principals of Sleepy Hudson LLC.

Details about the number of apartments planned for the building and which architect is designing it have not been finalized, according to Mr. Bonnar, who added that the number of apartments will probably be in the range of 65 to 70.

The building is an "as-of-right" project, according to Mr. Bonnar, meaning that it will be erected within existing zoning and building department regulations and not require public review.

The new project will probably have its residential entrance on Franklin Place and retail frontage of Broadway. It is a mid-block project and does not have frontages on White and Frankln Street.

Franklin Place runs one block from White and to Franklin Street.

The site is one block south of the proposed conversion into 90 residential condominium apartments of the 29-story office tower at 401 Broadway on the northwest corner of Walker Street.

The site is convenient to SoHo and Chinatown and there is good public transportation in this area.
Architecture Critic Carter Horsley Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.