Madison Realty Provides $72M Loan for Condo Project Near Completion in NYC

NEW YORK CITY — Madison Realty Capital has provided a $72 million first-mortgage loan for the nearly completed condominium development in the Chelsea neighborhood of Manhattan. The financing retires the previous debt of the borrower, Highline Development Group. The property is being developed by Highline and Tamarkin Co. Currently in the final stages of interior construction, 550 West 29th St. will include 19 residential units and 5,022 square feet of ground-floor retail space. The property is adjacent to the High Line between 10th and 11th avenues. Amenities will include a 24-hour doorman, fitness center, sauna and storage units for each residence. Select units will have private terraces. Prices range from $4.6 million to $13.5 million. The project is expected to be completed in mid-2018.