Madison Realty Capital Raised Loan for Luxury Condominium in Harlem
Madison Realty Capital, a fully integrated real estate private equity firm focused on debt and equity investment strategies, today announced that it has made a new loan of $ 160.4 million to Bespoke Living.
The loan represents a $ 22.4 million increase in the principal of Madison’s existing loan, for the completion and sale of a mixed-use luxury condominium at 300 West 122nd Street in Harlem, New York which is being sold to more than 50%, with all contracts signed after -COVID.
The new increased loan follows substantial sales and rentals of highly appointed luxury residential units to date.
The 13-story project is approximately 80% complete and has been fully executed at retail on the ground floor leased to a grocery tenant.
Madison Realty Capital initially provided a $ 138 million acquisition and construction loan to Bespoke Living to acquire the West Harlem property in 2019.
âBespoke Living secured and rapidly completed 300 West, which has seen tremendous sales and rental success over the past year due to the project’s unique and sophisticated offering,â said Josh Zegen, Managing Director and Co-Founder of Madison Realty Capital. “We are delighted to modify our existing construction loan and act as a single source financing provider to an innovative condominium developer in order to continue the strong sales momentum and complete the final phases of this project. high quality residential. As an existing lender on the project, we were able to leverage our knowledge of 300 West and our ability to finance residential projects at every stage of development to deliver a flexible financing solution in a creative and efficient manner.
âWhile other lenders have defaulted on their commitments during COVID-19, Josh Zegen and the Madison team have funded us every month, even in the darkest of times, and have shown great flexibility with special requests such as overseas supplies, âsaid Rachel Medalie, Bespoke Living Managing Partner. âMadison and Bespoke Living have shown respect for our commitments as we continue to build and sell despite daunting circumstances, and we greatly appreciate their dedication. Madison has demonstrated a unique ability to be flexible and appreciate long-term value, which is a testament to her tremendous success. This project is the best-selling condo project in the New York market today with over 50% sales, and we are celebrating our success alongside Madison for the huge role they played in making it happen.
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The condominium offers 170 residential units, retail space totaling 23,819 square feet, 57 parking spaces, 68 storage units and four shed units.
Residential units will offer upscale features such as white oak cabinetry, marble countertops, all marble bathrooms, chrome fixtures, and airy layouts with natural light.
The property, which is slated for completion in fall 2021, will offer best-in-class amenities including a fitness center, indoor pool, sauna, landscaped rooftop, resident lounge with an adjacent outdoor courtyard. , a library, a children’s playroom, a games room, private parking, and storage.
Isaac & Stern Architects designed the property with Paris Forino responsible for the interiors. Douglas Elliman Development Marking manages sales and marketing for 300 West.
Madison Realty Capital is a New York-based real estate private equity firm focused on debt and equity investment strategies with regional offices in key markets including Los Angeles and Dallas.
Founded in 2004, MRC has completed approximately $ 14 billion in transactions in the multi-family, commercial, office, industrial and hotel sectors nationwide.
The company manages investments in the United States on behalf of a global investor base. MRC is a fully integrated company with over 60 employees across all disciplines of real estate investment, development and property management.
Among other industry accolades, MRC was named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as one of the industry’s leading construction lenders.
To learn more, visit www.madisonrealtycapital.com.