Legion Investment Group secures $155 million construction loan for 550 West 21st St. condo project

Manhattan, NY Legion Investment Group, together with its partner AVRS Partners LP, closed a $155 million construction loan from Eldridge Real Estate Credit, the real estate investing strategy of Eldridge Capital Management, for 550 West 21^st St., a condominium project that will bring 83 residences to West Chelsea. The milestone coincides with visible progress on site, where concrete superstructure pours have been underway since late September.

“This financing milestone underscores the unique value of 550 West 21^st 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.”

“We are proud to partner with Legion on 550 West 21^st, a unique project in a highly sought after neighborhood of Manhattan” said Matthew Rosenfeld, head of U.S. real estate credit at Eldridge Capital Management.

 “This project reflects not only exceptional design and vision, but also the strength of a developer with a proven track record. Legion’s thoughtful approach and outstanding execution give us great confidence in the development.”

Eldridge Real Estate Credit invests in real estate credit opportunities throughout the US, UK and Europe, including construction, transitional, and special situation opportunities across the capital structure. The platform has originated over $10 billion in loans, leveraging an experienced team with a disciplined approach seeking to create long-term value.

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. It is also moments from Chelsea Piers, Chelsea Market, the Meatpacking District, the West Village, and Hudson Yards — offering convenient proximity to some of the city’s premier cultural, retail, and recreational destinations.

Legion is one of New York City’s most active developers, creating landmark projects in prime neighborhoods defined by culture, character, and rich histories. Each site is deliberately chosen — often adjacent to historic districts and green spaces — reinforcing the enduring appeal and strong demand that serve as the foundation of their developments. 

On the Upper East Side, vertical construction began last month at 1122 Madison Ave., where the launched teaser website introduced a boutique collection of 26 residences by Studio Sofield one block from Central Park. In downtown Manhattan, demolition is moving forward at both 5 West 1^3th St. in the Greenwich Village and 38 Gramercy Park East, where Legion is developing the first ground-up condominium on Gramercy Park in more than a century — granting residents the rare privilege of coveted key access to the private park.

550 West 21^st St. is slated for completion in mid-2027 and sales are expected to launch in 2026, exclusively led by Corcoran Sunshine Marketing Group.