The property asset involved in this transaction is a multifamily development located at 219 & 235 East 42nd Street in Manhattan. The asset encompasses a total square footage of 1,222,121 and comprises 1,602 units. The loan amount for this conversion loan is $720,000,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $720,000,000
• Market: Manhattan
• Lender: Madison Realty Capital
• Borrower: David Werner Real Estate Investments; & Metro Loft
• Loan Type: Conversion
• Advisors: Max Herzog, Marko Kazanjian, Andrew Cohen, Maxwell (Max) Hulsh, and John Sullivan - Institutional Property Advisors

The deal involved the lenders, Josh Zegen and Mark Gormley from Madison Realty Capital, alongside the borrowers Nathan Berman and Marc Fried from David Werner Real Estate Investments and Metro Loft. The advisory team instrumental in facilitating the transaction included Max Herzog, Marko Kazanjian, Andrew Cohen, Maxwell (Max) Hulsh, and John Sullivan of Institutional Property Advisors.