Jorge Madruga and Joy score $86M refi for new Hudson Yards rental building

The Lewis opened last month and is 25% leased

TRD New York /
Mar.March 30, 2018 12:30 PM

From left: 411 West 35th Street, Eli Weiss and Jorge Madruga (Credit: Mark Maurer for The Real Deal)

Jorge Madruga’s Maddd Equities and Joy Construction Corporation have locked in an $86 million refinancing from KKR for its newly opened Hudson Yards rental building the Lewis, Joy principal Eli Weiss told The Real Deal.

The developers of the 12-story, 186-unit property at 411 West 35th Street launched leasing in January and then opened the doors in February.

The financing replaces a total of $79.4 million in loans provided by Wells Fargo in 2014, records show.

The property is about 25 percent leased so far, Weiss said. Rents range from $2,580 to $5,810 per month. The developer is offering two months of free rent on the available units, according to StreetEasy. Douglas Elliman handles leasing and marketing at the 191,000-square-foot property.

Maddd and Joy, led by Weiss and Amnon Shalhov, bought the parking lot on the site for $26 million in 2012 spent another roughly $90 million on the development. The property was named after Lewis Katz, the late philanthropist and Philadelphia Inquirer co-owner who owned the lot.

An HFF team led by Andrew Scandalios, Steve Klein and Rory Sheppard brokered the financing. HFF declined to comment and KKR could not reached.

The developers, which have recently zeroed in on Hudson Yards, also built the Four Points Manhattan Midtown West hotel at 444 10th Avenue and are close to wrapping construction on the 118-unit property at 445 West 35th Street. Sales are slated to launch at the latter building this summer.

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