Madison Realty Capital Provides $91M in Construction Financing for Condo Project in Manhattan

NEW YORK CITY — Madison Realty Capital has originated a $91 million first mortgage loan collateralized by The Fitzroy building, a nearly complete condominium project located at 514 W. 24th St. in the West Chelsea neighborhood of Manhattan. The borrower is a joint venture between JDS Development and Largo Investments. The financing will allow for the completion of the development. The 65,346-square-foot building will feature 14 units in a mix of two-bedroom units to four-bedroom units ranging from 2,300 square feet to 4,500 square feet. Completion is slated for this summer. The project team includes Roman and Williams, Severud Associates, BuroHappold and L’Observatoire International. Aaron Appel of JLL represented the borrower in the financing.