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Financing on Ceruzzi’s Condo Tower a First for Korean Capital
Ceruzzi Properties has secured the next phase of financing for its Centrale luxury residential condominium tower at 138 E. 50th St. in Midtown East, with a $350-million inventory loan from Meritz Securities. It’s reportedly the first Korean inventory loan in New York City.
The new financing pays off a $300-million construction loan Madison Realty Capital provided in 2017. JLL’s Chris Peck, Dave Nackoul and Kristen Knapp represented Cerruzzi in the transaction with Meritz.
Ceruzzi completed The Centrale in early 2019, and has begun selling condos at the project. Twenty units have gone into hard contract.
VI Development Group advised Meritz on the transaction, and tapped PIA Asset Management as the asset management company for the project.
“We believe this is just the beginning of an influx of sophisticated Korean capital that will provide an attractive alternative financing option for New York City borrowers moving forward,” said VI Development’s Terence Park.
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- ◦Financing
