Madison Realty Capital
Madison Realty Capital Provides $167.5 Million of Financing to Restructure Madison Square Park Tower, Luxury Condo Project at 45 East 22nd Street
MRC Team Delivers Financing Solution to The Continuum Company on Accelerated Basis, Closing Quickly
The financing paves the way for the borrower to continue the successfully ongoing condominium sales process at Madison Square Park Tower. To date, Madison Square Park Tower has sold 58 units for a total of approximately $400 million.
"With this transaction we have streamlined the capital stack and provided Continuum with the flexibility needed to maintain the current sales at this one-of-a-kind development," said Josh Zegen, Co-Founder and Managing Principal of MRC. "Our hallmarks - speed, flexibility, and certainty of execution in complex situations, supported by thorough and diligent underwriting - are all on display through this deal and we're pleased to facilitate the borrower's business plan by providing the necessary financing."
Madison Square Park Tower is among the most desirable addresses in the market, and almost impossible to replicate given the accumulation of air rights required to build it. Prominently located in the Flatiron District, Madison Square Park Tower offers the highest available views of Madison Square Park, as well as unobstructed views of the East River, the Hudson River, World Trade Center, and the Statue of Liberty.
The project is led by a best-in-class development team including Plaza Construction as general contractor, Kohn Peterson Fox Associates as design architect, HWA as executive architect, and the Eklund Gomes Team of Douglas Elliman as the residential sales brokerage team. Transforming the downtown skyline, the soaring 83-unit tower is a sculptural glass silhouette standing at 65 stories and rising 777 feet. The striking exterior wraps around modern, elegant interiors designed by the celebrated Martin Brudnizki Design Studio. Floor-to-ceiling windows enhance the dramatic views.
The collection of amenities throughout five floors consists of a fitness center with boxing and private training suite, golf simulator, basketball court, children's playroom, library, billiards, cards room, terrace with outdoor grill, and two gracious entertaining spaces including Fifty Four, a lounge and catering kitchen on the fifty-fourth floor.
About Madison Realty Capital (MRC)
MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market. Founded in 2004, MRC has invested in approximately $8.0 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.
Information om Globenewswire
Følg pressemeddelelser fra Globenewswire
Skriv dig op her og modtag pressemeddelelser på mail. Indtast din mail, klik på abonner og følg instruktionerne i den udsendte mail.
Flere pressemeddelelser fra Globenewswire
GlobeNewswire, Inc.16.6.2018 07:01 | pressemeddelelse
GlobeNewswire Test Release
Strategic News Service/INVNT/IP15.6.2018 23:36 | pressemeddelelse
INVNT/IP: US Responds to Nation-sponsored Crown-jewel Intellectual Property Theft
NEP15.6.2018 13:55 | pressemeddelelse
NEP Completes Acquisition of Telerecord
Erytech Pharma S.A.15.6.2018 07:32 | pressemeddelelse
ERYTECH to Present Preclinical and Clinical Data on Use of Eryaspase in ALL and AML at EHA 2018
Sompo International14.6.2018 15:46 | pressemeddelelse
Sompo International Introduces Transaction Risk Insurance in Europe
Bombardier Inc.14.6.2018 14:02 | pressemeddelelse
Bombardier Announces Organizational Changes
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter, og finde vores kontaktoplysninger.Besøg vores nyhedsrum