Madison Realty Capital Provides $100M Loan For Upper East Side Condo Development
1228 Madison Avenue, New York, NY 10128, USA
$100,000,000
$56,625/SF
Building Size
1,766 SF
Asset Type
—
Closing
Aug 6, 2020
About this deal
AI
Located in the Upper East Side neighborhood, the condo at 1228 Madison Avenue has undergone a recent loan transaction. The deal, which took place on August 6, 2021, involved a loan amount of $100,000,000. The property is an asset of the Condo type and was developed by CBSK Ironstate, with Scott Shnay, Charles Blaichman, and Arel Capital leading the project. Architect Robert A.M. Stern of RAMS Architects contributed to the design.
Summary of transation details
- Property Type: Condo
- Transaction Amount: $100,000,000
- Address: 1228 Madison Avenue
- Market: Upper East Side
The loan was provided by Madison Realty Capital, with Josh Zegen representing the lender. Surya Capital Partners, with Adi Chugh as their representative, acted as the broker for the deal.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93