Madison Realty Capital has provided a $60 million construction loan to Heritage Real Estate Partners for a mixed use development in New York city at 1399 Park Avenue. The 100,000 sqf project will feature 72 luxury condominiums on the upper floors and 19,000 sqf of community facility space on the lower floors. Heritage has spent the last two years assembling the site and completing the entitlement process. The site has already been completely razed with foundation work currently underway.
“We’re excited about this outstanding opportunity to finance a shovel-ready site in a great location with rising demand, under development by a quality sponsor,” said Josh Zegen, Co-Founder and Managing Principal of Madison Realty Capital. “We believe that the private lending market has an increasing role to play in construction financing, and we’re pleased to deliver a solution to quality sponsors, like our borrower.”
