ID :
490066
Thu, 04/26/2018 - 12:01
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MRC Provides US$ 35 Million Loan For Condominium Tower In Manhattan

KUALA LUMPUR, April 26 (Bernama) -- Madison Realty Capital (MRC) will provide a US$35 million (RM 134.4 million) mezzanine loan to co-developers Sumaida + Khurana and LENY for a condominium tower in Manhattan, New York, US. The funding is part of a US$155 million (RM 595.2 million) construction financing package for the project provided by MRC and an investment fund managed by Apollo Global Management. The project located in the evolving Hudson West neighborhood will stand 35 stories in height, encompass 163,329 square feet and feature 83 residences, ranging from one-bedrooms to expensive penthouses, a statement said. The building development team Sumaida + Khurana is a New York-based development firm focused on developing seminal buildings throughout the city while LENY has been responsible for the development of millions of square feet of residential projects around the world. The building is being designed by Pritzker Prize-winning architect Álvaro Siza. IA award-winning architects, Michael Gabellini and Kimberly Sheppard will collaborate with Siza on the building’s interiors and SLCE Architects will serve as the Architect of Record. The condominium will also feature a significant amount of outdoor space, including a landscaped roof garden and sun deck, as well as numerous private terraces for the residents including access to art fitness center, children's playroom and space to host private events. “We continue to be successful in meeting the needs of borrowers at all stages of the development process, from predevelopment to construction to sellout or stabilisation,” said co-founder and managing principal MRC,Josh Zegen. Sales are slated to begin in Spring 2019 and Leonard Steinberg, Debra LaChance, and Justin D’Adamo at Compass will lead the marketing efforts. MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market. --BERNAMA

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