West Chelsea Condo Project Scores $155M Construction Financing
Legion Investment Group and partner AVRS Partners LP closed on a $155-million construction loan from Eldridge Real Estate Credit, the real estate investing strategy of Eldridge Capital Management, for 550 W. 21st St., a condominium project that will bring 83 residences to West Chelsea. The financing coincides with visible progress onsite, where concrete superstructure pours have been underway since late September.
“This financing milestone underscores the unique value of 550 W. 21st St., the last major waterfront development site in West Chelsea of this scale and quality,” said Victor Sigoura, founder and CEO of Legion Investment Group. “With unobstructed Hudson River views and direct waterfront access, the project represents a truly rare opportunity, and we look forward to sharing more details in the upcoming months.”
The 23-story building will be situated between the Hudson River Park and the High Line, providing residents with connectivity to green spaces featuring extensive pedestrian pathways, recreational areas and riverfront views.
On October 23, 2025, Connect New York Apartments Investment & Finance brings together leading owners, investors, developers, brokers, and lenders—all under one roof—to explore adaptive reuse strategies, capital markets challenges, distressed asset opportunities, and the dynamic complexities of New York’s multifamily market
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout