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New York

Madigan lands $73M loan for Hudson Square resi project

Prudential, TriState Capital Bank and Valley National Bank are the lenders

Louis Madigan and a previous rendering of 111 Varick (Credit: Twitter and S9 Architecture)
Louis Madigan and a previous rendering of 111 Varick (Credit: Twitter and S9 Architecture)

 

Madigan Development landed a $73 million construction loan for its Hudson Square development at 111 Varick Street.

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PGIM Real Estate Finance, TriState Capital Bank and Valley National Bank are the lenders, Commercial Observer reported, citing property records.

Madigan is developing a 100-unit luxury rental building designed by S9 Architecture. In August, the company filed new plans with the city’s Department of Buildings calling for a 337-foot tower.

Louis Madigan’s firm has been locked in a legal battle with Agime Group, which is building a tower nearby. Both sides accuse the other of blocking their property’s views. [CO] — Konrad Putzier

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Real Estate Finance