Leading Fort Lee, New Jersey-based investment banking and advisory firm Palisades Financial has made, through its Palisades Regional Investment Fund II, a $13.75 million mezzanine loan and a $2 million short-term bridge loan to SDS Procida Development Group, LLC, to develop and construct the 405 West 53rd Street Condominiums located between 9th and 10th Avenues in Manhattan, a project with a projected sell-out value of $158,000,000.

Expected to be completed autumn 2008, 405 West 53rd Street Condominiums will be a seven-story, 85-unit townhouse development with individual underground garages for each townhouse, an extremely unique amenity for Manhattan residential buildings. Designed by Smith-Miller + Hawkinson Architects, the project will include nine triplex townhouses and outdoor courtyards. The building will have a faceted facade with protruding windows and numerous bay windows. The townhouses will have high scrim-like gates and the top five floors of the seven-story structure will be angled and slightly cantilevered over the bottom two floors.

“One of our main goals for the Palisades Regional Investment Fund II is to secure investment opportunities in and around Manhattan,” said David McLain, principal of Palisades Financial, which has over $30 million invested in New York City area assets. “405 West 53rd Street Condominiums is not only in an excellent location, it also features individual underground garages, a virtually unfound amenity in Manhattan. We believe this project will bring outstanding returns to our investors.”