The Real Deal New York

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

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

October 21, 2016 02:15PM
By Kathryn Brenzel

From left: Henry Kravis, 915 West End Avenue and Josh Zegen

From left: Henry Kravis, 915 West End Avenue and Josh Zegen

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.

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