JV Lands $36M Loan for NYC Condo Tower
- Oct 24, 2018
A joint venture has secured a $36.1 million construction loan in New York City to develop a luxury condo building and retail development. Madison Realty Capital (MRC) provided the loan, which will refinance the existing debt, fund construction costs and cover all other development expenses.
The partnership between SK Development and CB Developers is planning to build a 21-story, 38,000-square-foot mixed-use project at 214 W. 72nd St. on the Upper West Side that will include residential and retail uses.
The site is currently home to a five-story vacant building that the joint venture plans to demolish and begin construction on the new property, which is expected to have 18 full-floor residential condo units and a ground floor retail condo unit.
Once completed, the luxury condo building will offer a mix of one-, two- and three-bedroom units as well as amenities including a gym, playroom/lounge, bike storage and rooftop terrace.
“The affluent Upper West Side remains one of the most desirable residential neighborhoods in New York City and we expect significant interest in this high-profile development upon completion,” said Josh Zegen, co-founder & managing principal of MRC, in a prepared statement. “This luxury property will benefit from its family-friendly location and proximity to the area’s world-renowned public amenities, including the array of nearby cultural institutions as well as Central Park and Riverside Park. We believe that the mixed-use project at 214 West 72nd Street will exceed the market’s expectations of what a residential and retail building can be in this neighborhood and we are pleased to have provided a customized financing package in a timely fashion to support the developer’s goals.”
Both SK Development and CB Developers are part of a development group constructing a 222-unit condo building in Hell’s Kitchen. Earlier this year, the partnership landed a $251 million loan for the construction of this community.
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