A joint venture between Ceruzzi Properties and SMI USA have closed on a $300 million construction loan for completion of a mixed use development at 138 East 50th Street in the Midtown East neighborhood of Manhattan. The project will consist of a 72-story tower with 124 residential condo units, 7,500 square feet of retail space at and below grade, and a 25-space parking garage. Common amenities will include an indoor pool and spa, fitness center, and shared work areas. Madison Realty Capital, an institutionally backed real estate investment firm, provided the loan for the scheme. The site was acquired from Extell in 2014, with the original plan to build a 52-story hotel with 764 rooms before opting for a high-end condo project.
