$300M Loan for Midtown Condo Tower
Ceruzzi Properties and its partners closed a $300-million construction loan for a 72-story mixed-use development at 138 East 50th St. in Manhattan’s Midtown East neighborhood.
“At a time when many developers have to pull together multiple capital sources in order to get deals done, we are offering one-stop shopping and a more efficient process,” said Josh Zegen, co-founder and managing principal for Madison Realty Capital.
The tower’s concrete superstructure already rises 40 stories over the neighborhood. Ceruzzi and its partner, SMI USA, will open 124 luxury residential condominiums in late 2018. The tower will also include 7,500 square feet of retail space, 25 parking spaces and a facade designed by Pelli Clarke Pelli Architects.
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