Loans

NEW YORK CITY – Madison Realty Capital (MRC) has provided a $35 million mezzanine loan to co-developers Sumaida + Khurana and LENY for a new condominium tower located at 611 W. 56th St. in Manhattan’s Hell’s Kitchen neighborhood. The funding is part of a $155 million construction financing package for the project provided by MRC and an investment fund managed by Apollo Global Management. The 35-story, 163,329-square-foot development will feature 83 residences, ranging from one-bedroom units to expansion penthouses; outdoor space, including a roof garden and sun deck; private terraces for residents; a fitness center; a children’s playroom and an entertaining space for hosting private events. Álvaro Siza, a renowned Portuguese architect, is designing the building. This is Siza’s first foray into the U.S. market. Adi Chugh of Maverick Capital Partners arranged the financing in the transaction. Condo sales are slated to begin in spring 2019, with Leonard Steinberg, Debra LaChance and Justin D’Adamo of Compass leading the marketing efforts.

NEW YORK CITY – Progress Capital has negotiated a $3.5 million permanent mortgage for a multifamily property located at 662 Madison St. in Brooklyn’s Bedford-Stuyvesant neighborhood. The borrower, New York-based Oved Group, used the loan proceeds to acquire a 10,160-square-foot multifamily property for $4.3 million. The eight-unit property was fully occupied at the time of purchase. Brad Domenico of Progress Capital arranged the financing. The loan term is for 20 years, the first two of which will be interest-only payments followed by a fixed rate of 3.85 percent for seven years. The rate will reset afterward for the remainder of the loan.