April 1, 2016
Madison Realty Capital provided $60 million of construction financing to assist Heritage Real Estate Partners in developing a mixed-use property at 1399 Park Ave. near East Harlem. The building will offer 72 luxury condominiums on the upper floors, and 19,000 square feet of community facility space on the lower floors.
The borrower assembled the acreage and completed the entitlement process over a two-year period. The site has already been completely razed, with foundation work underway.
“We’re excited about this outstanding opportunity to finance a shovel-ready site in a great location with rising demand, under development by a quality sponsor,” said Josh Zegen, co-founder and managing principal of MRC, headquartered in Manhattan.