NEW YORK, June 30, 2021 (GLOBE NEWSWIRE) – Madison Realty Capital, a fully integrated private real estate investment firm specializing in debt and equity investment strategies, today announced a new loan increase of 160. $ 4 million for Bespoke Living. The loan is an increase in the principal amount of Madison’s existing loan of $ 22.4 million to complete and sell a luxury mixed-use condominium at 300 West 122.nd A street in Manhattan with more than 50% sold, all contracts signed after COVID.
The new loan increase follows significant sales and rentals of high-end residential units with the highest level of service to date. The 13-storey project is approximately 80% completed and fully leased to the tenant of a grocery store on the ground floor. Madison Realty Capital originally provided a $ 138 million acquisition and construction loan to Bespoke Living to acquire West Harlem real estate in 2019.
“Bespoke Living secured and quickly completed construction of 300 West, which has made tremendous sales and lease success over the past year with a unique and thoughtful project offering,” said Josh Zegen, managing director and co-founder of Madison Realty Capital. “We are delighted to amend our existing construction loan and act as a single source of funding for the innovative condominium developer to maintain strong sales momentum and complete the final phases of this high quality residential project. As the current project lender, we have been able to leverage our familiarity with 300 West and our ability to finance residential projects at all stages of development to offer flexible financing solutions in a creative and efficient manner. ”
“While other lenders backed down during COVID-19, Josh Zegen and Madison’s team funded us every month, even in our darkest moments, and showed tremendous flexibility for special requests such as overseas shipments,” she said. Rachel Medals, Bespoke Living Managing. Partner. “Madison and Bespoke Living showed respect for our commitment as we continued to build and sell despite challenging circumstances, and we appreciate their dedication. Madison has demonstrated a unique ability to be flexible and value long-term value as a testament to their immense success. This project is the fastest selling condominium on the NYC market to date with over 50% sold and we celebrate our success with Madison for the tremendous role they played in this achievement. “
The condominium offers 170 residential units, 23,819 square feet of retail space, 57 parking spaces, 68 storage spaces and four cabins. The residential units will offer premium features such as white oak furnishings, marble countertops, marble baths, chrome fixtures and spacious layouts with natural light. The facility, scheduled for completion in fall 2021, will offer best-in-class amenities including a fitness center, indoor pool with laps, sauna, landscaped roof, living room with adjoining courtyard, library, children’s playroom, playroom, private sector. parking and storage room.
Isaac & Stern Architects designed this property together with Paris Forino, responsible for the interior. Douglas Elliman Development Marking leads sales and marketing for 300 West.
About Madison Realty Capital
Madison Realty Capital is a New York-based private real estate investment firm specializing in debt and equity investment strategies with regional offices in key markets including Los Angeles and Dallas. Founded in 2004, MRC has completed nearly $ 14 billion in transactions in the multi-family, retail, office, industrial and hospitality sectors across the country. The firm manages investments in the United States on behalf of a global investor base. MRC is a fully integrated firm with over 60 employees working in real estate investment, development and property management. Among other industry awards, MRC has been named to the prestigious New York City Real Estate Marketplace “Power 100” by the Commercial Observer and is consistently cited as one of the industry’s leading construction lenders. To find out more, subscribe to us at LinkedIn and visit www.madisonrealtycapital.com…