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West Harlem MXU Secures $138M Financing
Madison Realty Capital (MRC) has provided a $138-million financing package collateralized by a mixed-use development project at 300 W. 122nd St. in West Harlem.
The transaction was brokered by Cooper Horowitz LLC’s Richard Horowitz, Ryan Horowitz and Adam Horowitz. The borrower was Happy Living Development.
Happy Living plans to develop a 13-story, 211,893-square-foot MXU featuring 155 condominium units and ground/lower level retail space slated for a Fresh Food grocery and parking. The building’s foundation has already been completed.
“The sponsor has saved a lot of time and money through the great work already done at the site,” said Josh Zegen, MRC’s co-founder and managing principal.
Zegen added that the property will benefit from the positive demographic shifts occurring in West Harlem. “The submarket is benefitting from Columbia University’s ongoing expansion in the area, as well as an influx of residents who are looking to move north of the Upper West Side.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
