Fosun, JD Carlisle score $350M loan for NoMad condo project

At 800 feet, 66-story tower will be among tallest in the area

TRD New York /
May.May 07, 2018 04:00 PM

Renderings of 126 Madison Avenue and Fosun’s Guo Guangchang (Credit: Handel Architects and Fosun)

Fosun International and J.D. Carlisle Development Group landed a $350 million construction loan for their proposed 66-story condo tower in NoMad, sources told The Real Deal.

Bank of the Ozarks, the prolific Arkansas-based lender, provided the financing, according to Eastern Consolidated, which brokered the deal.

The financing will allow the project – located at 126 Madison Avenue between East 30th and 31st streets – to proceed. The developers have already finished foundation work and plan to wrap up construction by 2021.

Plans call for a 400,400-square-foot, Handel Architects-designed tower with 199 condo units and just over 4,000 square feet of retail at the base.

The firms acquired the site for $102 million in 2015, with financing from the insurer Ullico, property records show. At the time, they envisioned a much shorter building, at only 47 stories.

At 798 feet, the skyscraper will be one of the tallest in NoMad. Boris Kuzinez is planning a 1,001-foot supertall at 262 Fifth Avenue and the 663-foot, Rafael Vinoly-designed tower developed by Victor Group and Lendlease at 277 Fifth Avenue topped out in March.

Adam Hakim and James Murad

Adam Hakim and James Murad

An Eastern Consolidated team led by Adam Hakim, James Murad and Andrew Iadeluca brokered the financing. Neither the developers nor the lender could be immediately reached for comment.

Chinese conglomerate Fosun redeveloped One Chase Manhattan Plaza as 28 Liberty, which it refinanced in November for $702.5 million.The firm said it owns real estate in 36 markets across 12 countries. J.D. Carlisle, a Midtown-based developer led by Evan Stein, has also developed the nearby 160 Madison Avenue and Morton Square in the West Village.

Related Articles

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

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

U.S. Rep. Alexandria Ocasio-Cortez and Sunnyside Yards (inset) (Credit: Getty Images and Wikipedia)

AOC resigns from Queens megadevelopment steering committee

Renderings of 130-02 South Conduit Avenue and Triangle Equities’ Joshua Weingarten (Credit: Terminal Logistics)

Triangle Equities lands $87M loan for massive JFK warehouse project

From left: 172 Madison Avenue, 100 East 53rd Street, Woolworth Tower, 53 West 53rd Street, 615 10th Avenue

Loan wolves: Bankers are stalking developers as debts come due

State Sen. Julia Salazar and Assembly member Harvey Epstein proposed the tax this month in an effort to disincentivize real estate speculation (Credit: iStock, Getty Images)

Experts take issue with proposed tax on mezzanine loans

Brookfield's largest-ever $15B property fund has invested in properties from New York (666 Fifth Avenue) to Bangalore (the Leela Palace hotel) (Credit: Brookfield, Getty Images, Leela)

Real estate fundraising hits lowest level since 2013

Some investors continue to find U.S. commercial real estate as attractive places to park their capital (Credit: iStock)

Brexits and Bubbles: How investors view Europe’s shaky real estate market