Axonic Capital, GreenBarn, Skylight Real Estate Partners and Meadow Partners Close $77M Mezzanine Loan for 8 Carlisle Street Tower; Maxim Capital Group Leads $300M Senior Debt
A consortium of four lenders — Axonic Capital, 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, the firms announced July 8. The loan closed July 2.
Maxim Capital Group provided a $300 million senior construction loan on the same project, bringing total debt financing to $377 million. The project's total capitalization is approximately $500 million, according to the announcement.
Capital Stack and Deal Structure
The financing package spans a layered capital structure in which the $77 million mezzanine tranche sits behind the $300 million senior loan from Maxim Capital Group, for combined construction debt of $377 million. Grubb Properties is the project sponsor. Individual allocation amounts among the four mezzanine lenders and specific loan terms were not disclosed.
The property is located at 8 Carlisle Street in the Financial District of Lower Manhattan. At 789 feet, the 64-story ground-up rental tower is described in the announcement as one of the tallest buildings in the Financial District. According to the announcement, the financing will facilitate the completion and lease-up of the building, which is expected to top out in the coming weeks.
Prior Relationship Underpins Mezzanine Consortium's Involvement
The mezzanine consortium's participation follows an existing lending relationship with Grubb Properties. In November 2024, GreenBarn Investment Group, Skylight Real Estate Partners and Axonic Capital provided a $55 million fund-level net asset value loan to Grubb, collateralized by a portfolio of 27 assets that included 8 Carlisle Street. That earlier transaction gave the three firms visibility into the project ahead of negotiating the mezzanine construction loan, according to the announcement.
Meadow Partners joined as a fourth co-originator on the mezzanine tranche. The announcement did not disclose the individual allocation amounts among the four mezzanine lenders or the specific loan terms.
421-a Tax Structure
8 Carlisle Street is described in the announcement as one of the last properties to be delivered under a 70/30 421-a structure — a reference to a New York City multifamily tax abatement program. Under that structure, 70 percent of units are market-rate and 30 percent are income-restricted, according to the announcement.
About the Lenders
Axonic Capital is a credit-focused investment manager. GreenBarn Investment Group, Skylight Real Estate Partners and Meadow Partners are real estate-focused investment firms. Maxim Capital Group is a commercial real estate lender.
Full coverage of the transaction was reported by Commercial Observer.