Luxury Manhattan Condo Project Gets $63M
- Nov 24, 2020
A joint venture between Adam America and MSD Partners has taken a construction financing package totaling $63 million. MSD Partners originated the loan for the development of a 44-unit condominium project on the Upper West Side, according to public records.
Located at 2503-2509 Broadway, the luxury project will rise 19 stories and encompass 109,000 square feet. The amenity package will include a fitness center, sport court, library, kids playroom and pet spa. The transit-oriented property is a short distance from the 96th Street subway station and 3 miles north of Midtown Manhattan.
Cauldwell Wingate serves as the general contractor for the ODA Architects-designed project. The structure topped out at the end of October.
In August 2018, the developer acquired the site for $50 million from Colliers International, financing the purchase with a $37 million self-financed loan, public records show. The parcel previously housed a single-story commercial building that has since been demolished.
In May, MSD Partners and Bank OZK originated a $194 million loan for Intracorp’s 49-story luxury project in downtown Austin. Site work began in October 2019, and the development is expected to deliver in 2022.