MRC Finances NYC Luxury Condo Project
The $37 million loan will be used to repay existing debt and for completion of the construction and development process.
by Adina Marcut
New York—Madison Realty Capital recently financed Jason Lee’s Six Sigma NYC with a $37 million first mortgage loan to complete the renovation and addition of a luxury residential condominium project in Chelsea and pay off existing debt on the property.
The borrower plans to create six new residences at 435 W. 19th St., including two multilevel and four full-floor units comprising nearly 33,000 square feet of space upon completion, in a building designed by Pei Partnership Architects. The overall depth and width of the building’s design will allow for appealing and spacious layouts, which MRC believes will resonate well with Chelsea buyers.
“The current financing market can be challenging for borrowers, and we believe that this dynamic creates opportunities to make loans on quality assets and deliver the funding they need to get across the finish line,” Josh Zegen, co-founder & managing principal of MRC, said in a statement.
Six Sigma NYC is renovating the building now, and expects to complete the project in the next 12 to 18 months. The loan from MRC will be used to repay existing debt and for completion of the construction and development process. Angelo Sklavenitis, vice president with Meridian Capital Group, arranged the financing.
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