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MRC Originates $70M Loan for Chetrit Project on Lower East Side
Madison Realty Capital (MRC) originated a $70-million loan to The Chetrit Group for the development of mixed-use multifamily towers in the Lower East Side’s Two Bridges neighborhood. Henry Bodek of Galaxy Capital Solutions arranged the transaction.
Josh Zegen, managing principal and co-founder of MRC, said, “260 South St. will provide much needed housing in Two Bridges, a highly desirable area of Manhattan where there are significant barriers to entry. The East River waterfront is poised for growth, and we are excited to play a role in the development of new housing in the submarket. Chetrit Group is a repeat borrower and Madison Realty Capital is pleased to deliver a creative financing solution for this notable acquisition in short order.”
The fully planned Class-A property, which is ready to begin construction, will include a 64-story and 70-story tower, 1,300 multifamily units, 16,000 square feet of retail space and 130 parking spaces.
- ◦Development
- ◦Financing
