A joint venture between SK Development and CB Developers secured a $36.1m construction loan for the development of a mixed-use scheme on the Upper West Side of Manhattan. Plans call for a 21-story, 38,000 sq ft tower that will house 18 full-floor residential condo units and ground-floor retail. Madison Realty Capital provided the loan, which will refinance the existing debt as well as fund construction costs and cover all other development expenses. The site is currently home to a five-story vacant building that the partners plan to demolish before starting construction on the tower.
“The affluent Upper West Side remains one of the most desirable residential neighborhoods in New York City, and we expect significant interest in this high-profile development upon completion,” said Josh Zegen, co-founder and managing principal at MRC. “We believe that the mixed-use project at 214 West 72nd Street will exceed the market’s expectations of what a residential and retail building can be in this neighborhood, and we are pleased to have provided a customized financing package in a timely fashion to support the developer’s goals.”
