Navigation Capital Lands $185M Refi for Condo Tower
Previous financing includes a $156.3 million loan from Fortress Credit Corp.
Navigation Capital Partners, an affiliate of Hong Kong-based Hopson Development, has refinanced Monogram, a 191-unit luxury condominium project in Manhattan. Kriss Capital provided the $185 million inventory loan for the soon-to-be-completed tower.
The note retires existing debt. Previous financing included a $156.3 million loan from Fortress Credit Corp., according to public records. JLL Senior Managing Director Scott Aiese led the Capital Markets Debt Advisory team.
The development broke ground in 2020, according to CityRealty, after Navigation acquired the site a year before for $115 million from New Empire Real Estate Group. The same source reveals that condo prices start at $855,000.
Partners on the project include architecture and design firms Ismael Leyva Architects, Neri & Hu, Anthology and The Seventh Art. Douglas Elliman Development Marketing is taking care of marketing and sales.
The 35-story building consists of studio, one- and two-bedroom layouts, along with four penthouses. The property features 9,200 square feet of amenities, more than 2,500 square feet of ground-floor retail space and 5,300 square feet of resident and bicycle storage.
Common-area amenities include a wellness center with spa services, lobby and library lounge, punch bar and an event room, along with a business center. Additionally, the high-rise has a 3,500-square-foot rooftop club dubbed The Crest, which features terraces, a reading room with a fireplace, a bar, a private dining room and catering kitchen.
The condo tower is at 135 E. 47th St. in the Midtown East neighborhood, within walking distance of Grand Central Station and the Chrysler Building. The building is also less than a mile from 300 East 50th Street, a condo project that was capitalized last year.
More condos to hit the market in New York
In February, Biddle Real Estate Ventures and PCD Development topped out The Daymark, a 100-unit condominium development in Sleepy Hollow, N.Y. The property, which is part of the Edge-on-Hudson riverfront community, is scheduled to achieve initial occupancy by spring next year.
At the end of last year, Naftali Group obtained $236 million in construction financing for the development of a 62-unit luxury condominium building. Sales at the 36-story tower are expected to launch this year.
