The Real Deal New York

Tessler Development scores $95M to refi
172 Madison Avenue

Loan replaces previous $164M financing
September 05, 2018 02:15PM

172 Madison Avenue

Tessler Development has landed $94.5 million to refinance a residential condominium building in Midtown South.

Deutsche Bank provided the loan to refinance 172 Madison Avenue, Commercial Observer reported. The financing is partially a condo inventory loan. It also replaces previous debt, including a $164.3 million inventory loan from private equity firm TPG and Deutsche Bank.

In March, the Corcoran Group took over marketing the 72-unit building after Compass resigned from the project. At the time, the developer had 32 units left to sell, including four penthouses and a townhouse unit. Before Compass, Keller Williams marketed the building.

According to StreetEasy, just over a dozen units are currently listed, including a penthouse for $14 million. [CO] — Kathryn Brenzel