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Highlights
A joint venture led by Rodrigo d’Escoto and Ted Weldon, with the addition of Magellan Development Group, secured a nearly $102 million construction loan from Bank OZK for their 410 North Elizabeth Street multifamily project in Fulton Market.
The financing marks a pivotal milestone for the site, but is met with skepticism, as observers suggest the amount likely only covers the first phase of the originally planned two residential towers totaling 724 units.
The deal reinforces Bank OZK’s dominance in Fulton Market, which, along with other projects, shows that the few developments receiving funding are concentrated in this area, while a city-wide lack of equity is projected to delay substantial new apartment supply until 2028.