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MRC Upsizes Existing Loan on West Harlem Condo Project
Madison Realty Capital (MRC) provided an upsized, new $160.4-million loan to Bespoke Living. The loan represents a $22.4-million increase in the principal amount of Madison’s existing loan, for the completion and sellout of a luxury mixed-use condominium at 300 W. 122nd St. MRC initially provided a $138 million acquisition and construction loan to Bespoke Living to acquire the West Harlem property in 2019.
“Bespoke Living secured and quickly completed 300 West, which has seen tremendous sales and leasing success over the past year as a result of the project’s unique and sophisticated offering,” said Josh Zegen, managing principal and co-founder of Madison Realty Capital.
“As the existing lender on the project, we were able to leverage our familiarity with 300 West and our ability to finance residential projects through every stage of development to deliver a flexible financing solution creatively and efficiently,” he added.
- ◦Financing
