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MRC Streamlines Capital Stack on Eichner Condo Tower
Connect Apartments is coming up on June 26th in Los Angeles. Here’s a link to find out more about the conference and to register.
Developer Ian Bruce Eichner of the Continuum Company has gotten a $167.5-million first mortgage loan via Madison Realty Capital. The financing paves the way for Eichner to continue the sales process on Madison Square Park Tower, a luxury condominium tower in Midtown South. The restructured financing resolved a dispute with Continuum’s previous partners.
“With this transaction, we have streamlined the capital stack and provided Continuum with the flexibility needed to maintain the current sales at this one-of-a-kind development,” said Josh Zegen, MRC co-founder and managing principal.
The accumulation of air rights required to build the 65-story tower would be almost impossible to replicate; hence Zegen’s characterization of the property as one of a kind. To date, Madison Square Park Tower has sold 58 units out of 83, for a total of approximately $400 million.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
