Madison Realty Capital, a fully integrated real estate private equity firm focused on debt and equity investment strategies, today announced it has 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 West 122nd Street in Harlem, New York that is over 50% sold, with all contracts signed post-COVID.
The new upsized loan follows substantial sales and leasing of the highly amenitized luxury residential units to date.
The 13-story project is approximately 80% complete and has fully executed ground-floor retail leased to a grocery tenant.
Madison Realty Capital 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. “We are pleased to amend our existing construction loan and act as a single source financing provider to an innovative condominium developer to continue strong sales momentum and complete the final phases of this high-quality residential project. 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.”
“While other lenders ran from their commitments during COVID-19, Josh Zegen and the Madison team funded us every month, even at the bleakest moments, and showed tremendous flexibility with special requests such as overseas supplies,” said Rachel Medalie, Bespoke Living Managing Partner. “Madison and Bespoke Living showed respect for our commitments as we kept building and selling despite daunting circumstances, and we greatly appreciate their dedication. Madison displayed the unique ability to be flexible and appreciate long-term value, which is a testament to their tremendous success. This project is the fastest-selling condo project in the NYC market today with over 50% sold, and we celebrate our success alongside Madison for the enormous role that they played in this achievement.”
The condominium offers 170 residential units, retail space totaling 23,819 square feet, 57 parking spaces, 68 storage units, and four cabana units.
The residential units will offer premium features such as white oak cabinetry, marble countertops, all marble baths, chrome fixtures, and airy layouts with natural light.
The property, which is scheduled for completion in Fall 2021, will deliver best-in-class amenities including a fitness center, indoor lap pool, sauna, landscaped roof, residents lounge with an adjacent outdoor courtyard, library, children’s playroom, game room, private parking, and storage.
Isaac & Stern Architects-designed the property with Paris Forino responsible for interiors. Douglas Elliman Development Marking is managing the sales and marketing for 300 West.
Madison Realty Capital is a New York City-based real estate private equity firm focused on debt and equity investment strategies with regional offices in key markets including Los Angeles and Dallas.
Founded in 2004, MRC has closed on approximately $14 billion of transactions in the multifamily, retail, office, industrial and hotel sectors nationwide.
The firm manages investments in the United States on behalf of a global investor base. MRC is a fully integrated firm with over 60 employees across all real estate investment, development, and property management disciplines.
Among other industry recognitions, MRC has been named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as one of the industry’s top construction lenders.
To learn more, visit www.madisonrealtycapital.com.