NEW YORK — Madison Realty Capital (MRC) has provided a $37.0 million first mortgage loan to complete the renovation and addition of a luxury residential condominium project in Chelsea and pay off existing debt on the property. Josh Zegen, Co-Founder and Managing Principal of MRC, made the announcement.
“The current financing market can be challenging for borrowers, and we believe that this dynamic creates opportunities to make loans on quality assets and deliver the funding they need to get across the finish line,” said Josh Zegen, Co-Founder and Managing Principal of MRC.
MRC is an institutionally-backed real estate investment firm focused on real estate equity and debt investments in the middle markets.
The borrower, Jason Lee’s Six Sigma NYC, plans to create six unique new residences at 435 West 19th Street, including two multilevel and four full-floor units comprising nearly 33,000 total square feet of space upon completion, in a building designed by Pei Partnership Architects within one of Manhattan’s most desirable neighborhoods. The overall depth and width of the building’s design will allow the borrower to build appealing and spacious layouts, which MRC believes will resonate well with Chelsea buyers.
Before the current residential condominium conversion project, 435 West 19th Street operated as a commercial building. The conversion capitalizes on the outstanding location of the site near the High Line in the sought-after West Chelsea residential submarket.
Six Sigma NYC is renovating the building now, and expects to complete the project in the next 12 to 18 months. The loan from MRC will be used to repay existing debt and for completion of the construction and development process. Aggelos Sklavenitis, Vice President with Meridian Capital Group, arranged the financing.