Legion Investment Group Secures $155 Million Construction Loan From Eldridge for 550 West 21st Street

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NEW YORK--(BUSINESS WIRE)--Oct 1, 2025--

Legion Investment Group, together with its partner AVRS Partners LP, today announced the closing of a $155 million construction loan from Eldridge Real Estate Credit, the real estate investing strategy of Eldridge Capital Management, for 550 West 21st Street, 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 21st Street, 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 US 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 is focused on investing in real estate credit opportunities throughout the US, UK and Europe, including term, 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 Avenue, where the recently launched teaser website introduced a boutique collection of 26 residences by Studio Sofield just one block from Central Park. In Downtown Manhattan, demolition is moving forward at both 5 West 13th Street 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 21st Street is slated for completion in mid-2027 and sales are expected to launch in 2026, exclusively led by Corcoran Sunshine Marketing Group. For more information on Legion Investment Group’s portfolio, please visit legioninvestmentgroup.com.

About Legion Investment Group
Legion Investment Group is a privately held real estate development firm based in New York City, recognized for delivering architecturally ambitious, design-forward developments in Manhattan’s most storied neighborhoods. Led by Founder and CEO Victor Sigoura, Legion’s team brings over 20 years of experience and a track record of developing more than six million square feet of luxury residential real estate totaling over $10 billion in value. Legion is distinguished by its commitment to collaboration, quality, and integrity, shaping New York City’s built environment through a thoughtful and enduring vision.

With a focus on long-term value creation, contextual sensitivity, and design excellence, Legion specializes in complex assemblages and transformative ground-up developments. The firm’s portfolio includes 1122 Madison Avenue on the Upper East Side; 38 Gramercy Park East in Gramercy Park; 5 West 13th Street in Greenwich Village; and 550 West 21st Street in West Chelsea.

Legion previously completed 109 East 79th Street—widely recognized as one of the most successful Upper East Side developments in recent years and the largest new residential project west of Lexington Avenue in a generation. The 31-residence building, offering an extensive amenity suite, achieved a total sellout exceeding $400 million, with blended pricing surpassing $4,000 per square foot.

About Eldridge
Eldridge is an asset management and insurance holding company with approximately $70 billion in assets under management that consists of two divisions: Eldridge Capital Management and Eldridge Wealth Solutions. Eldridge Capital Management, through its subsidiaries, focuses on four investment strategies – diversified credit, GP solutions, real estate credit, and sports & entertainment. Eldridge Wealth Solutions, an insurance and retirement solutions platform, is comprised of Eldridge’s wholly owned insurance companies, Security Benefit and Everly Life. Eldridge is wholly owned by Eldridge Industries. To learn more, visit www.eldridge.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20251001816610/en/

CONTACT: Legion Media Contact

DADA Goldberg

[email protected]

Eldridge Media Contact

Prosek Partners

[email protected]

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: FINANCE PROFESSIONAL SERVICES RESIDENTIAL BUILDING & REAL ESTATE ASSET MANAGEMENT CONSTRUCTION & PROPERTY

SOURCE: Eldridge

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PUB: 10/01/2025 02:12 PM/DISC: 10/01/2025 02:11 PM

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