Madison Realty Capital lands $60M loan from KKR for UWS buy

Developer paid $86M for rental building at 915 West End Avenue

New York /
Oct.October 21, 2016 02:15 PM

Madison Realty Capital scored a $60 million loan to acquire a 94-unit rental building on the Upper West Side.

Global private equity firm Kohlberg Kravis Roberts, also known as KKR, provided Madison with the funding to purchase 915 West End Avenue, a Rosario Candela-designed building at West 105th Street, according to records filed with the city on Friday. Madison purchased the building from Millhouse Peck Properties and the Lichter family for $85.5 million and closed on the deal Oct. 7, according to property records.

Madison entered contract to buy the building in May, as The Real Deal reported. The firm’s plans for the property are not yet clear, but sources had told TRD in May that Madison will likely renovate the building and continue operating it as a rental.

Representatives for KKR and Madison weren’t immediately available to provide additional information.

KKR appears to be ramping up its previously sparse activity in New York City as a buyer and lender. In October 2015, the buyout firm snapped up the top 10 floors — roughly 343,000 square feet — at 30 Hudson Yards for an undisclosed price. Earlier this month, KKR provided RedSky Capital with a $138.6 million loan to refinance 12 of its Williamsburg properties.


Related Articles

arrow_forward_ios
Madison Realty principal Josh Zegen, Raphael Toledano with the properties at 325-329 East 12th Street and 223-235 East 5th Street (Madison Realty, Google Maps, Toledano by Michael McWeeney)
Madison Realty Capital closes on Toledano’s bankrupt East Village portfolio
Madison Realty Capital closes on Toledano’s bankrupt East Village portfolio
A view of the development site with Bears & Eagles Riverfront Stadium and Madison Realty Capital’s Josh Zegen (City of Newark, Wikimedia/buba69)
NJ developer lands $400M apartment loan
NJ developer lands $400M apartment loan
(Photo illustration by The Real Deal)
Hard money, hard decisions: Nonbank lenders face pressure to deal with problem loans
Hard money, hard decisions: Nonbank lenders face pressure to deal with problem loans
From left: Letitia James, Raphael Toledano and Josh Zegen with 223 East 5th Street and 325 East 12th Street (Getty, Google Maps)
Madison Realty Capital to give Toledano tenants $1M in rent credits
Madison Realty Capital to give Toledano tenants $1M in rent credits
Union Crossing at 825 East 141st Street with LibreMax's Greg Lippmann (Union Crossing Bronx; LibreMax)
$78.6M sub-performing loan on Union Crossing up for sale
$78.6M sub-performing loan on Union Crossing up for sale
Ilan Bracha, Haim Binstock and 39 East 72nd Street (Getty, Elliman)
Vanderbilt mansion condo conversion in foreclosure
Vanderbilt mansion condo conversion in foreclosure
Mortgage lenders are beginning to see missed rent payments from office buildings. (Credit: iStock)
Add office tenants to the list of those not paying rent
Add office tenants to the list of those not paying rent
Brian Harris, CEO of Ladder Capital (Credit: iStock)
“What, me worry?” Ladder Capital says it can easily meet margin calls
“What, me worry?” Ladder Capital says it can easily meet margin calls
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...