Hat tip to @the726:
The debt will fuel Manhattan’s work on Emerson Lofts , envisioned as an eventual 1,000-unit complex at 315-326 15th Street. MRC’s loan will back the project’s first phase, a 26-story, 350-apartment tower that would also include 10,000 square feet of commercial space.
Future plans for the site, for which the MRC financing provides pre-development money, also include the conversion of a 600,000-square-foot industrial building — formerly the Emerson Radio Factory — into loft-style apartments. Blueprints also contemplate two other ground-up residential construction projects.
This site is undergoing demolition/site prep, will start foundation work very soon. The building permit applications are already in the city’s system. Will try to post pics soon.
Here’s a rendering of the site. The tower that got financing is the one to the back left in this picture:
A site plan: