WALTER & SAMUELS SECURES $165 MILLION CONSTRUCTION LOAN

NEW YORK CITY — New York City-based Walter & Samuels has secured $165 million for the refinancing of 15 Madison Square North, a residential condominium conversion project located at 15 E. 26th St. in the Flatiron District of Manhattan, New York City. A majority of the $165 million construction loan will be used by the borrower, Madison Park Owner LLC, to pay off the property’s existing acquisition and construction loans, which are held by Deutsche Bank. The remaining $31 million will be used to complete the conversion of the four remaining residential floors, as well as additional property amenities. David Berley, Steve Forest and Peter Weiss of Walter & Samuels originated the transaction on behalf of the borrower through Wells Fargo. The 15 Madison Square North project will feature 73 one- to five-bedroom residences. In addition, longstanding New York restaurant San Domenico will relocate to the building in 2009 from its previous location in the city’s Central Park South neighborhood; it will carry the new name SD26.