NEW YORK, Aug. 09, 2021 (GLOBE NEWSWIRE) — Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced it has provided a $100 million loan to a world-class development group comprised of Charles Blaichman, Scott Shnay and Abram Shnay of CBSK Ironstate, and Arel Capital for the completion of a 13-unit luxury residential property designed by Robert A. M. Stern Architects located at 1228 Madison Avenue in the Upper East Side of New York City. The proceeds will be used to cover all closing costs and refinance an existing loan. To date, the property has presold four units including both penthouse units, representing 42% of the project, with all contracts signed post-COVID.
“This transaction, which we completed in under three weeks, represents the strong demand for luxury residential condominiums in New York City that we expect will continue as the city builds on its resurgence following the pandemic,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “We are pleased to support a highly experienced sponsorship group with significant development expertise and provide them with competitive financing quickly and efficiently.”
The 18-story residential project has 11 full floor units, one duplex penthouse and one triplex penthouse with outdoor terraces offering views of Central Park. Centrally located with easy access to nearby transit, the residence is near the Guggenheim Museum and close to high-end retail shops along Madison Avenue. The units include custom Molteni millwork cabinetry, Calacatta Estremoz marble countertops, white oak tambour reveal, a Lacanche range, and Wolf, Sub-Zero and Miele appliances. 1228 Madison’s amenities include a landscaped communal rooftop terrace, and a lobby and fitness center designed by Kelly Behun Studio.
“We selected Madison Realty Capital again because of their certainty of execution, and our track record of success together, said Scott Shnay of CBSK Ironstate. “The fact that Josh and his team were able to complete due diligence and fund the transaction in less than three weeks speaks volumes to their client-centric approach, this was our third transaction with Madison, and we look forward to many more.”
“We are confident in the strength of New York City’s luxury condominium market and thrilled to continue our long-term partnership with Madison Realty Capital to complete 1228 Madison as they are uniquely qualified to deliver creative financing solutions for our clients,” said Adi Chugh, Founder of Surya Capital Partners, who arranged the financing on the transaction.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that manages approximately $6 billion in total assets on behalf of an institutional global investor base. Since 2004, Madison Realty Capital has completed more than $15 billion in transactions in the U.S. providing reputable borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with offices in Los Angeles and Miami, the firm has over 60 employees across all real estate investment, development, and property management disciplines. Madison Realty Capital has been frequently named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as a top construction lender, among other industry recognitions. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.
