Madison Realty Capital Provides $48.5M Loan for Retail Development Project in Manhattan

by Amy Works

NEW YORK CITY — Madison Realty Capital has provided $48.5 million in financing to Cornell Realty Management for a development site located at 257-263 W. 34th St. on Manhattan’s West Side. Cornell Realty plans to development the property, which is an assemblage of adjacent sites, into a 35,000-square-foot retail building with four floors above grade and 80 feet of frontage on W. 34th Street. The borrower needed immediate funding to buy out a partner and take ownership of the properties to complete the assemblage and start predevelopment. Madison Realty Capital funded $42.5 million at closing and provided a future funding commitment of $6 million.

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