Madison Realty Capital Provides $35 Million Mezzanine Loan for 611 West 56th Street Condominium Development in Hell's Kitchen
Part of Overall $155 Million Financing Package Provided by MRC and Apollo Global Management for Planned 35 Story Condo Tower at 56th Street and Eleventh Avenue
First New York City Project Designed by Renowned Architect Álvaro Siza
NEW YORK, April 26, 2018 (GLOBE NEWSWIRE) -- Madison Realty Capital (MRC) provided a $35 million mezzanine loan to co-developers Sumaida + Khurana and LENY for a new condominium tower located at 611 West 56th Street in the Hell's Kitchen neighborhood of Manhattan. The funding is part of a $155 million construction financing package for the project provided by MRC and an investment fund managed by Apollo Global Management.
Located in the evolving Hudson West neighborhood, 611 West 56th Street will stand 35 stories in height, encompass 163,329 square feet and feature 83 residences, ranging from one-bedrooms to expansive penthouses. The condominium will also feature a significant amount of outdoor space, including a landscaped roof garden and sun deck, as well as numerous private terraces for the residents. Residents will also have access to a state of the art fitness center, children's playroom and an entertaining space to host private events.
"We're pleased to play an important role in providing the financing solution for this high-profile development in Manhattan," said Josh Zegen, Co-Founder and Managing Principal of MRC. "We continue to be successful in meeting the needs of borrowers at all stages of the development process, from predevelopment to construction to sellout or stabilization. In this case, the sponsor has invested substantial equity into the project, and we're involved at an attractive basis in a well-located project with an experienced team behind it."
The building is being designed by Pritzker Prize-winning architect Álvaro Siza and represents his first foray into the U.S. market, a major milestone for the renowned Portuguese architect. Siza is one of the world's most celebrated and decorated architects, designing such iconic structures like the Boa Nova Tea House and Piscinas de Marés in Portugal as well as recently commissioned projects in China, South Korea, Spain, Argentina, Brazil and the Netherlands. IA award-winning architects, Michael Gabellini and Kimberly Sheppard will collaborate with Siza on the 611 West 56th Street building's interiors and SLCE Architects will serve as the Architect of Record.
The 611 West 56th Street development team has significant previous experience in ground-up residential projects. Sumaida + Khurana is a New York-based development firm focused on developing seminal buildings throughout the city and commissioning the world's most renowned, contemporary architects to design them. One of the firm's notable projects, 152 Elizabeth, is rapidly approaching completion and is the first building in New York by Japanese master architect Tadao Ando.
New York-based firm LENY has been responsible for the development of millions of square feet of residential projects around the world. The firm specializes in bringing to market high-end condominium buildings in premium locations and is currently focusing its efforts in New York City. 611 West 56th Street will be one of four projects the firm is developing, including 534 West 29th Street and the Berry Portfolio in Williamsburg as well as serving as one of the equity partners at 277 Fifth Avenue. LENY is collectively developing over half a million square feet in New York City.
Adi Chugh of Maverick Capital Partners arranged the financing in the transaction. Sales at 611 West 56th Street are slated to begin in Spring 2019 and Leonard Steinberg, Debra LaChance, and Justin D'Adamo at Compass will lead the marketing efforts.
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 $7.0 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Madison Realty Capital via Globenewswire
Om Nasdaq GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York
+1 212 401 8700http://www.nasdaqomx.com
NASDAQ (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents.
Følg saker fra Nasdaq GlobeNewswire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Nasdaq GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Nasdaq GlobeNewswire
Gratomic Announces Non-Brokered Private Placement21.7.2018 19:41 | Pressemelding
TORONTO, July 21, 2018 (GLOBE NEWSWIRE) -- Gratomic Inc. ("GRAT" or the "Company") (TSX-V:GRAT) (FRANKFURT:CB81) (WKN:A143MR) is pleased to announce the offering of a non-brokered private placement of up to 20,000,000 working capital units (the "WC Unit") for up to $2,000,000 (the "Offering"). Each WC Unit is priced at $0.10 and consists of one (1) common share and one (1) common share purchase warrant ("WC Warrant"). Each WC Warrant entitles the holder to purchase one (1) common share (a "WC Warrant Share") at a price of $0.20 per WC Warrant Share until the earlier of: (i) three (3) years following the Closing of the Offering; and (ii) in the event that the closing price of the Common Shares on the TSX Venture Exchange is at least $0.30 for ten (10) consecutive trading days, and the 10th trading day (the "Final Trading Day") is at least four (4) months from the Closing Date, the date which is thirty (30) days from the Final Trading Day. Eligible Finders may receive 5% of the value of
eGain Enables Conversational Customer Service Through Apple Business Chat20.7.2018 12:30 | Pressemelding
SUNNYVALE, Calif. and NEWBURY, United Kingdom, July 20, 2018 (GLOBE NEWSWIRE) -- eGain (NASDAQ:EGAN), the leading provider of cloud-based customer engagement solutions, today announced its integration with Apple Business Chat. According to Gartner, requests for customer support through consumer mobile messaging apps will exceed requests for customer support through traditional social media by 2019*. Moreover, 56% of consumers surveyed in a Nielsen study would rather message a business than call customer service, and 67% expect to message businesses even more over the next two years. Key capabilities Among key capabilities of the integrated solution are: Enabling hundreds of millions of consumers on iPhone and iPad to interact with businesses through the Messages app Leverage eGain AI to infer customer intent, power bot conversations through messaging, route escalations to contact center agents, and guide agents through messaging conversations Provide immersive customer experiences with
Marcus Hiles - Texas Takes #1 Four Years in a Row in America's Top States for Business19.7.2018 23:39 | Pressemelding
DALLAS, July 19, 2018 (GLOBE NEWSWIRE) -- The future business scene in Texas is looking brighter than ever as the state continues to hold its place as a national leader. Growth is spreading across areas such as North Texas, Houston and San Antonio with businesses quickly expanding their operations in the state that offers some of the best in business-friendly climates and overall growth potential. Tapping into the market recently are global leaders such as Toyota, Liberty Mutual and JP Morgan who have taken advantage of the state's increasing network of commercial properties, workforce and business resources. Named by CNBC for the fourth consecutive year as America's Top State for Business, Texas scored above all 50 states on overall business competitiveness. With the business hub building on its role as a national leader for the past decade, this top rank title reflects the progress Texas has made in cementing its place in the global economy. "This national recognition comes without s
Second Quarter 2018 Results Conference Call19.7.2018 21:34 | Pressemelding
AURORA, Ontario, July 19, 2018 (GLOBE NEWSWIRE) -- Magna International Inc. (TSX:MG) (NYSE:MGA) SECOND QUARTER 2018 RESULTS CONFERENCE CALL WEDNESDAY - AUGUST 8th, 2018 7:30 AM ET DIAL IN NUMBERS North America Toll Free: International Toll: Webcast: 1-888-223-4641 1-416-981-9080 www.magna.com Slide presentation will be available on our website prior to the call. REBROADCAST INFORMATION Replay available 2 hours after the call until August 15, 2018 North America Toll Free: International Toll: Reservation No.: 1-800-558-5253 1-416-626-4100 21892829 INVESTOR CONTACT Louis Tonelli, Vice-President, Investor Relations email@example.com, 905-726-7035 TELECONFERENCE CONTACT Nancy Hansford, Executive Assistant, Investor Relations firstname.lastname@example.org, 905-726-7108 This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originali
Uganda National Airlines Company Limited Signs Firm Order for Four Bombardier CRJ900 Aircraft19.7.2018 18:36 | Pressemelding
First operator of the new CRJ Series ATMOSPHÈRE cabin in Africa MONTREAL, July 18, 2018 (GLOBE NEWSWIRE) -- Bombardier Commercial Aircraft announced today that it has signed a firm order for four new CRJ900 regional jets with Uganda National Airlines Company. Based on the list price for the CRJ900 aircraft, the firm order is valued at approximately US$190 million. "We congratulate the Government of Uganda for the revival of its national flag carrier, and are thrilled that the new airline has selected Bombardier and the CRJ900 regional jets for its upcoming debut," said Jean-Paul Boutibou, Vice President, Sales, Middle-East and Africa, Bombardier Commercial Aircraft. "Recognized for its superior economics and efficiency, the CRJ Series aircraft have enabled airlines worldwide to serve communities with better connectivity, and we look forward to supporting the development of Uganda's regional air travel with these CRJ900 regional jets." Uganda Airlines will operate the CRJ900 in dual-cla
CrownBio Supports Excellence in Translational Research with Grant Award that Funds Innovative PDX Model Development in Immuno-Oncology19.7.2018 15:03 | Pressemelding
"Cancer Research Center of Lyon iPS novel PDX models formulate new immune cell focused strategies" SAN DIEGO, July 19, 2018 (GLOBE NEWSWIRE) -- Crown Bioscience, a global drug discovery and development services company providing translational platforms to advance oncology, inflammation, cardiovascular and metabolic disease research, is proud to announce the award of its Patient-Derived Xenograft (PDX) grant program to doctors Fabrice Lavial, Christophe Caux and Bertrand Dubois from the Cancer Research Center of Lyon (CRCL). The grant program was established to support oncology researchers pursuing scientific advancements in cancer using PDX technology. Following an extensive review, CrownBio's Scientific Steering Committee selected Dr. Lavial and his colleagues at the CRCL due to their project's potential to create breakthroughs in preclinical oncology strategies. Their research combines PDX and iPS cell technologies to create patient-specific, humanized models. These unique models wil
I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.Besøk vårt presserom