Eastern Consolidated Arranges $350M Loan for NY Condos
- May 09, 2018
Eastern Consolidated’s Capital Advisory division has arranged a $350 million construction loan for JD Carlisle Development Group and Fosun International. The companies will use the financing for the construction of the 66-story 126 Madison Ave., in New York’s NoMad neighborhood. Handel Architects is the designer of the project.
Managing Director & Principal Adam Hakim, Director James Murad and Associate Director Andrew Iadeluca were all part of the Eastern Consolidated team that arranged the loan with Bank of the Ozarks. Hakim and Murad also recently arranged $130 million in financing for a Manhattan luxury conversion project.
The joint venture picked Fried Frank to act as counsel. The law firm’s Partners Jon Mechanic and Nathaniel Lifschitz, and Real Estate Associates Danielle Frank and Shelby Smith, were involved in the deal.
Changing Manhattan’s skyline
Located at 126 Madison Ave., between E. 30th and 31st streets, the luxury tower is set to include 199 condominiums and roughly 4,000 square feet of retail space. The asset is slated to feature an indoor pool, private party room, dining room, lounge and fitness center.
Following completion in 2021, the tower will be among the highest in Manhattan. The construction team has already finished foundation work on the project.
The developers are already familiar with the area, with Fosun International owning 28 Liberty St. in the same borough. J.D. Carlisle’s other luxury residential developments in Manhattan include 160 Madison Avenue, The Beatrice, Centria, Cielo, and Morton Square.
“JD Carlisle’s track record of successful projects, including a new rental development a block away, made this project particularly attractive to the lender,” said Hakim, in prepared remarks.
Image courtesy of JD Carlisle Development Group and Fosun International