NEW YORK CITY — NuVerse Advisors LLC has received a $99 million construction loan to convert The Emmet Building, a 17-story office building at 95 Madison Ave. in New York City, for residential use. The vacant property was originally constructed between 1911 and 1912 as a loft office building with grade-level retail space.
The building will be converted into 65 residential condominiums across 108,000 square feet, along with 17,000 square feet of retail space and 3,400 square feet of office space. Internal demolition is currently in progress. However, an expected delivery date was not disclosed.
The conversion is sponsored by NuVerse Advisors’ S3 Multi Strategy Global Fund, with Sunlight Development as a strategic partner and general contractor.
BHI — the U.S. branch of Tel Aviv, Israel-based Bank Hapoalim BM — is the senior lender in the financing. Under the terms of the loan, BHI will provide $40 million of debt. The company has worked with several financial partners to arrange the remainder of the financing.
“BHI was a trusted partner in financing the acquisition of this property this past summer and we’re thrilled to work together again now as we redevelop this property for residential use,” said Dov Schlein, managing partner and co-founder of NuVerse Advisors.
NuVerse Advisors is an investment management firm based in Hallandale Beach, Fla.
Sunlight Development is a developer and general contractor headquartered in the Flushing neighborhood of Queens. Since the company’s inception in 2002, Sunlight Development has developed about 2.1 million square feet of condos, multifamily and office space.
— Channing Hamilton