Ceruzzi Nails Down $300M Construction Loan For Midtown Luxury Condos
Madison Realty Capital agreed to terms of a $300M construction loan with Ceruzzi for 138 East 50th St., which gives the project full debt capitalization to be finished. Originally planned as a 52-story hotel, then expanded to a 64-story condominium project, the updated plans for the building are for an 803-foot, 72-story condo tower with 7,500 SF of retail at the bottom.
The building will contain 124 condo units from the second floor up, with the retail at and below grade. There will also be a 25-space parking garage beneath the project. SMI USA is co-developing the project with Ceruzzi, with SLCE as the architect of record and Pelli Clarke Pelli designing the façade.
The financing is the biggest in Madison Realty Capital's history, and will function as both a mezzanine and senior loan. SMI, a Chinese-government-run company out of Shanghai, is also an equity partner on Extell Development's Central Park Tower.
Construction on the building has already reached the 40th floor, with topping out expected in November. Full completion is expected by late 2018, with 200K of sellable SF coming from a mix of one- to five-bedroom condos.