Madison Realty Capital Provides $300.0 Million Construction Loan for Ceruzzi Properties’ Luxury Condo Development at 138 East 50th Street
Ceruzzi Properties (Ceruzzi) and Madison Realty Capital (MRC) announced the closing of a $300 million construction loan for completion of a major mixed-use development at 138 East 50th Street in the Midtown East neighborhood of Manhattan. MRC, an institutionally-backed real estate investment firm focused on real estate equity and debt investments in the middle markets, provided the loan for the project, which Ceruzzi is developing in partnership with SMI USA (SMI). The development consists of an 803-foot, 72-story tower with a façade designed by Pelli Clarke Pelli Architects, containing 124 luxury residential condominium units, 7,500 square feet of retail space at and below grade, and a 25-space parking garage.
“Madison Realty Capital was a pleasure to complete this transaction with,” said Lou Ceruzzi, Founder and President of Ceruzzi Properties. “The execution of the deal was smooth, efficient, and seamless. We are looking forward to our continued relationship with MRC and additional transactions as we keep an eye toward the future.”
“MRC was the ideal lending partner for this high-profile development, complementing the stellar project team we have assembled,” added Tom Tao, President of SMI.
“This transaction highlights MRC’s status as one of the very few single-source financing solution providers for top-tier sponsors like Ceruzzi Properties and their partners,” said Josh Zegen, Co-Founder and Managing Principal of MRC. “At a time when many developers have to pull together multiple capital sources in order to get deals done, we are offering one-stop shopping and a more efficient process. That is a compelling proposition for many of our clients, and we are often sought after as a lending partner for that reason.”
Construction is progressing rapidly at the site and the concrete superstructure has already reached the 40th floor, with topout expected this November. The condominiums are scheduled for completion in late 2018. Pelli Clarke Pelli Architects designed the façade, and SLCE Architects is the architect of record. AECOM Tishman serves as the general contractor.
Ceruzzi Properties plans to offer a mix of efficient one- to five-bedroom units, ranging from 777 square feet to 5,388 square feet, for a total of approximately 200,000 sellable square feet. Interior design by Champalimaud will be one element of the property’s overall high-end luxury environment. The building will include luxury amenities including an indoor pool and spa, fitness center, and shared work areas.
About Madison Realty Capital (MRC)
MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market. Founded in 2004, MRC has invested in approximately $6.0 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.
About Ceruzzi Holdings LLC
Ceruzzi Holdings LLC is a New York City-based, full-service company, which develops, acquires and operates a diversified portfolio of mainly real estate properties. Ceruzzi leverages its 25+ year track record of acquisition, development and structuring to create unique opportunities that deliver outsize returns. Recent Ceruzzi projects in New York City include the acquisition of the majority position of land beneath the Lipstick Building and the development site located at 520 Fifth Avenue. The company’s real estate professionals specialize in numerous disciplines, including construction, entitlements, leasing, marketing, management, and finance.
Om Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Følg saker fra Business Wire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Business Wire
NTT Communications to Expand Ecosystem for Interconnection of Major Data Centers in Japan17.1.2019 03:04 | Pressemelding
NTT Communications Corporation (NTT Com), the ICT solutions and international communications business within the NTT Group (TOKYO:9432), announced today that it will expand the interconnection of its Nexcenter™ data centers in Tokyo and Osaka, Japan to enable client companies to connect with cloud and content services more flexibly than ever before. On a sequential basis from this month, NTT Com will begin directly connecting its ecosystem with three major internet exchanges (IXs) in Japan to enable clients to access services offered by these IXs and various NTT Com partner companies. Thereafter, NTT Com will continue to expand this ecosystem centered on NTT Com’s Nexcenter™ data centers. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190116005908/en/ Expanding Interconnection (Graphic: Business Wire) As a DX Enabler™, NTT Com uses ICT to achieve digital transformation (DX) "Transform and create business" together with clien
Piraeus Bank Presents the Principles for Responsible Banking with the Governor of the Bank of Greece16.1.2019 18:21 | Pressemelding
The Principles for Responsible Banking were presented today for the first time in Greece at an event organized by Piraeus Bank with Mr. Yannis Stournaras, the Governor of the Bank of Greece, as the keynote speaker. The event was organised as part of Piraeus Bank’s commitment to the United Nations Environment Programme Finance Initiative (UNEP FI). Piraeus is the only Greek bank to be a member of the global initiative, which includes twenty-eight banks from around the world, representing over USD 17 trillion in combined assets. Mr. Yannis Stournaras, the Governor of Bank of Greece, highlighted in his speech that the Bank of Greece fully supports the Principles for Responsible Banking and urges all of the banks to endorse the Principles and set ambitious targets. The Bank of Greece was one of the first central banks to become involved with the climate change issue, establishing the Climate Change Impacts Study Committee in 2009 and investing in one of the most significant Sustainable Dev
Arrowgrass Has Agreed to an Extension of Its Irrevocable Undertaking Regarding Its Holdings in Basware Corporation16.1.2019 17:30 | Pressemelding
The investment funds of Arrowgrass Capital Partners LLP (“Arrowgrass”) hold, directly and indirectly, over 24 per cent of all shares and votes in Basware Corporation (“Basware”), a Finnish listed company providing networked source-to-pay solutions and e-invoicing services. Arrowgrass refers to the announcements made by Basware on 16 November 2018, 20 November 2018 and 7 December 2018 with regard to a possible tender offer by Tradeshift Holdings Inc. (“Tradeshift”) for Basware. Arrowgrass announces that it has agreed, under certain conditions, to extend an irrevocable undertaking with Tradeshift to accept a tender offer by Tradeshift for Basware, should Tradeshift publicly announce its tender offer in accordance with applicable laws and regulations no later than 28 February, 2019. Arrowgrass recognizes that Basware has emphasized in its announcements that the launch of the tender offer remains uncertain. About Arrowgrass Arrowgrass Capital Partners LLP is a London headquartered alternat
PCI Security Standards Council Publishes New Software Security Standards16.1.2019 15:25 | Pressemelding
Today, the PCI Security Standards Council (PCI SSC) published new requirements for the secure design and development of modern payment software. The PCI Secure Software Standard and the PCI Secure Lifecycle (Secure SLC) Standard are part of a new PCI Software Security Framework, which includes a validation program for software vendors and their software products and a qualification program for assessors. The programs will be launched later in 2019. “Innovation in payments is moving at an incredible pace. Each advancement provides the industry the opportunity to develop applications more quickly and efficiently than before and to design software for new platforms for payment acceptance,” said PCI SSC Chief Technology Officer Troy Leach. “The new PCI Secure Software Standard and PCI Secure SLC Standard support this evolution in payment software practices by providing a dynamic way for developers to demonstrate their software protects payment data for the next generation of applications.”
Keio Plaza Hotel Hosts “Hina-matsuri (Girls’ Doll Festival)” Event – 6,800 Magnificent Hanging Art Ornaments and Tea Ceremony Culture16.1.2019 14:05 | Pressemelding
Keio Plaza Hotel Tokyo (KPH), one of Japan’s most prestigious international hotels located in Shinjuku, Tokyo, will host an event entitled “Hina-matsuri through Tea Ceremony Culture and Hanging Art” to help guests celebrate Japan’s cultural event known as Girls’ Doll Festival or “Hina-matsuri” from February 1 (Friday) to March 28 (Thursday), 2019 with magnificent hanging art ornaments displayed in our lobby and special menu items served in our restaurants. In addition to the display of some 6,800 magnificent and ornate handmade dolls and other traditional decorations in this coming event, our Hotel will also display various traditional and historical art items used in traditional Japanese tea ceremony, which has long been a part of the cultural upbringing of Japanese women from the Meiji Period (1868 to 1912). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190116005191/en/ About 6,800 hanging decorative art ornaments meticul
Virgin Voyages Calling All RockStars to Sea16.1.2019 14:00 | Pressemelding
Virgin Voyages, the new lifestyle brand set to disrupt the travel industry, today released several designs and images of their RockStar Suites. The new company is throwing out traditional clichés on luxury and formalities, and instead bringing Rebellious Luxe to life at sea with their RockStar Suites designed by Tom Dixon’s Design Research Studio as the pinnacle of that experience. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190116005444/en/ Massive Suite Living Room. (Photo: Business Wire) Highlights of the Massive Suite, the top suite aboard the Scarlet Lady, include its very own guitar-clad music room, views of the ocean from every corner of the suite, and a massive terrace complete with its own Peek-a-View outdoor shower, hot tub, hammocks and a runway outdoor dining table, where a staircase will help Sailors make their way on top of the table for dancing. “Virgin has always avoided stuffy formalities and brought a lo