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Madison Realty Capital Originates $70 Million Loan for Waterfront Multifamily Development in Manhattan’s Lower East Side

·2 min read
Madison Realty Capital
Madison Realty Capital

NEW YORK, April 05, 2022 (GLOBE NEWSWIRE) -- Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced that it has originated a $70 million loan to The Chetrit Group for the development of mixed-use multifamily towers located in the Lower East Side of Manhattan.

Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said, “260 South Street will provide much needed housing in Two Bridges, a highly desirable area of Manhattan where there are significant barriers to entry. The East River waterfront is poised for growth, and we are excited to play a role in the development of new housing in the submarket. Chetrit Group is a repeat borrower and Madison Realty Capital is pleased to deliver a creative financing solution for this notable acquisition in short order.”

The fully planned Class-A property, which is ready to begin construction, will consist of a 64-story and 70-story tower, 1,300 multifamily units, 16,000 square feet of retail space and 130 parking spaces. The development will offer a mix of studio, one-bedroom, two-bedroom and three-bedroom units with modern amenities and views of Manhattan and Brooklyn across the East River. The property will be part of the Affordable New York program to offer affordable rents.

Henry Bodek of Galaxy Capital Solutions arranged the transaction.

About Madison Realty Capital

Madison Realty Capital is a vertically integrated real estate private equity firm that, as of December 31, 2021, manages approximately $8 billion in total assets on behalf of a global institutional investor base. Since 2004, Madison Realty Capital has completed approximately $20 billion in transactions providing borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with an office in Los Angeles, the firm has approximately 70 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.

Media inquiries, contact:
Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.
(212) 257-4170