Madison Equities secures $56M refi for FiDi supertall project

HSBC Bank is the lender on 45 Broad

TRD New York /
Aug.August 01, 2017 12:30 PM

Robert Gladstone’s Madison Equities landed $56 million in refinancing for its 84-story condominium tower at 45 Broad Street in the Financial District, according to records filed with the city Tuesday.

HSBC Bank is the lender, documents show, and the mortgage replaces a $55 million loan from Mack Real Estate Strategies.

The building at 45 Broad Street, currently under construction, is Gladstone’s most ambitious and challenging project to date. The project is being developed with Italian real estate company Pizzarotti Group and AMS Acquisitions and will feature 206 condo units, most of which will be priced at $4 million and cheaper. Last year, one of China’s largest developers — Gemdale Properties and Investment — paid $69.9 million for an 81.3 percent stake in the project.

Several New York City developers told The Real Deal earlier this year that they passed on the site because it didn’t pencil out as a condo. Gladstone and his partners had been reportedly looking for a $287 million loan for the project, but sources recently told TRD that Gladstone is waiting on a subway improvement bonus that could expand the total size of the project before seeking a senior loan.

Representatives for Madison Equities and HSBC could not be immediately reached for comment.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Jared Kushner and Cadre CEO Ryan Williams (Getty, iStock)

Jared Kushner’s plan to unload Cadre stake shelved by pandemic

Jared Kushner’s plan to unload Cadre stake shelved by pandemic
Churchill Real Estate Holdings’ Justin Ehrlich (iStock)

Churchill Real Estate lines up $2B investment for residential lending

Churchill Real Estate lines up $2B investment for residential lending
Here are the multifamily borrowers getting the most forbearance from Fannie & Freddie

Here are the multifamily borrowers getting the most forbearance from Fannie & Freddie

Here are the multifamily borrowers getting the most forbearance from Fannie & Freddie
From left: Donald Trump (pictured in the 1980s), Steve Ross, Charles Kushner, Harry Macklowe with (inset) Hiten Samtani and Charles Bagli (Getty, Sasha Maslov)

Scoundrels of the skyline: Charles Bagli on the most colorful characters in the real estate biz

Scoundrels of the skyline: Charles Bagli on the most colorful characters in the real estate biz
Joe Moinian and 123 Linden Blvd. (Moinian Group)

These were the top outer borough loans in July

These were the top outer borough loans in July
Clockwise from top: Savanna's Christopher Schlank with 1375 Broadway, a rendering of 40 10th Avenue and 109 East 79th Street with Victor Sigoura (Google Maps; Getty; rendering via 40tenthave)

These were the largest Manhattan real estate loans in July

These were the largest Manhattan real estate loans in July
arrow_forward_ios

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

Loading...