September 28, 2016
Opal Holdings obtained a $52 million first mortgage loan to buy a development site in Manhattan’s East Village. The loan also gives the New York investor enough to develop a mixed-use project on the space at 644 E. 14th St. The yet-to-be-named development will offer 50 residential units, more than 8,000 square feet of retail, and 21,575 square feet of community facility space.
“This is an exciting opportunity to provide a full financing package for a shovel-ready development in an outstanding Manhattan neighborhood,” said Josh Zegen, managing principal for Madison Realty Capital, which secured the financing. “Our lending model enables us to be fast and flexible, and in this case we were able to provide the borrower with a one-stop shop.”
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