Monogram New York, the shiny new residential tower rising in Midtown, has secured a $185M loan to wrap up construction and help with sales, Bisnow has learned.
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An affiliate of Hong Kong-based developer Hopson Development Holdings landed the new debt from private equity lender Kriss Capital, which is headquartered in Chelsea.
Kriss Capital founder Jody Kriss confirmed the loan to Navigation Capital Group for the 35-story, 191-unit condo project at 131-141 E. 47th St.
“The unit sizes and price points make it more accessible to buyers than any other luxury condo building in Midtown,” Kriss said in a statement.
Four units in the building are listed on StreetEasy, all one-bedroom units shown as under contract for between $1.3M and $1.5M. Studios at the building start at less than $900K, according to a CityRealty page for Monogram.
As interest rates have risen and banks have limited lending, borrowers are getting more creative to find financing. Kriss wrote in a Linkedin post that the loan was made in all cash.
“There was no need for an ‘A-note’ lender, giving our borrower a more certain execution and one-party decision-making counterpart when adjustments are needed,” Kriss wrote.
Kriss Capital has funded other loans similarly, without a senior lender. At the Alina Residences in Boca Raton, Florida, Kriss Capital provided $200M to complete construction at the 183-unit condo complex. The New York-based lender has also provided a $95M construction loan for the 22-story, 55-unit Alba Palm Beach development, as well as $66M to the Rosewood-branded condo in Dallas.
Hopson had secured a $156M construction loan at Monogram from Fortress Investment Group in 2022. At the time, it also parted ways with Josh Schuster’s Silverback Development, which joined the project in March 2020.
Representatives for Navigation didn't respond to Bisnow’s request for comment. JLL Senior Managing Director Scott Aiese represented Navigation in securing the debt.
UPDATE, APRIL 3, 11 A.M. ET: This story has been updated to include information on the broker for the loan.
