Deutsche Bank Provides $146.1M Construction Loan For Office-to-Condominium Conversion At 419 Park Avenue South

The property asset involved in this transaction is an office-to-condominium conversion located at 419 Park Avenue South in the Gramercy Park market. The project consists of 107 units and has secured a construction loan amounting to $146,100,000 through Deutsche Bank, represented by Chris Harris.

Summary of transaction details:

• Property Type: Office-to-Condominium Conversion
• Transaction Amount: $146,100,000
• Address: 419 Park Avenue South
• Market: Gramercy Park
• Units: 107
• Lender: Deutsche Bank
• Sponsor: Elad Group
• Loan Type: Construction
• Advisors: Max Hulsh, Max Herzog, Marko Kazanjian & Andrew Cohen - Institutional Property Advisors (IPA)

The transaction showcases the involvement of Elad Group as the sponsor. The advising team composed of Max Hulsh, Max Herzog, Marko Kazanjian, and Andrew Cohen from Institutional Property Advisors played a crucial role in facilitating the financing aspect of this conversion project, further emphasizing the collaborative nature of the deal.