Greenwich-based family office Lancewood Capital has provided a $21.5 million condo inventory loan for a newly developed condo building at 1295 Madison Avenue in Carnegie Hill. The condominium building, situated near Central Park, began unit sales in 2023.
The financing allowed the sponsor, Adellco, to recapitalize the remaining condo inventory at a near-bank rate, affording additional time to market the units for sale. The loan was structured by Lancewood’s Matt Schatzle and Justin Godner and arranged by Lantern Real Estate’s Tal Bar-or and David Strongwater.
“This is a beautiful and well-built property that the market has absorbed well, as represented by the sponsor’s successful recent sales,” said Schatzle. “We were able to provide near-bank capital quickly and efficiently, which provided a favorable outcome for the sponsor.”
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.