MRC Provides Bridge Loan to Refinance Existing Debt on Property
NEW YORK, Oct. 29, 2018 /PRNewswire/ — Madison Realty Capital (MRC) has closed a $27.7 million first mortgage loan collateralized by a residential condominium unit located at 15 Central Park West in the Lincoln Square section of Manhattan. MRC provided the bridge loan to refinance existing debt on the property.
“We continue to provide financing solutions for our clients across an array of situations and property types,” said Josh Zegen, Co-Founder and Managing Principal of MRC. “In this case the location and quality of the collateral is practically unparalleled, and we were able to deliver quickly in support of the borrower’s needs.”
Situated adjacent to Central Park, 15 Central Park West consists of a 19- and 36-story, limestone clad mixed-use condominium building. Developed by Arthur and William Zeckendorf in 2008, 15 Central Park West offers 202 residential units, 80,000 square feet of retail space, 70 storage units, and amenities such as a three-lane saltwater pool, 14,000 square foot fitness center, yoga and massage studio, doorman and concierge service, library, outdoor garden, game room, in-house chef, 20-seat theatre room, private circular motor entrance, conference rooms, and wine cellar.
About Madison Realty Capital (MRC)
MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market. Founded in 2004, MRC has invested in approximately $8.0 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.
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SOURCE Madison Realty Capital