Sioni Group and Isaac and Eli Chetrit’s AB & Sons finally landed a construction loan for their much-anticipated Midtown South high-rise that’s been in the works for nearly two decades.
The developers secured $275 million in construction financing for their 311-unit residential development at 986 6th Avenue from Affinius Capital and Intervest, according to sources familiar with the matter.
Henry Bodek of Galaxy Capital brokered the deal.
The project, dubbed the Milano Residences, will have 284 multifamily units and 27 condo residences. The renderings show a striking 69-story rectangular glass building towering above nearby buildings.
Ray Yadidi’s Sioni Group and AB & Sons started acquiring properties for the development in 2007. The investors paid $49 million for a 21-story office building and $54.3 million for a vacant hotel at 993 Sixth Avenue. They also purchased 235,000 square feet of air rights tied to the nearby Haier Building.
Isaac and Eli Chetrit are cousins of the better-known Joseph and Meyer Chetrit of Chetrit Group. The cousins run AB & Sons as a standalone firm and often partner with Yadidi.
The project has been trying to land funding for some time now.
TRD reported in 2022 that the developers were closing in on a $350 million construction loan for the 6th Avenue project, but higher interest rates likely delayed that process. A year later, sources made similar claims.
At the time, banks backed out, ultimately leading non-bank lenders like Affinius to take their place.
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