Tessler Development scores $95M to refi
172 Madison Avenue

Loan replaces previous $164M financing

Sep.September 05, 2018 02:15 PM

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

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

Compound CEO Janine Yorio and a Clinton Hill property available to users on Compound

Real estate’s micro-investing moment

Centrale at 138 East 50th Street and Ceruzzi Properties’ Arthur Hooper (Hooper by Sasha Maslov)

Ceruzzi Properties secures $350M to refi Midtown East tower

Denizen Bushwick at 54 Noll Street (Credit: iStock, Google Maps)

All Year closing in on $675M refi for Rheingold Brewery development

Denizen Bushwick at 54 Noll Street (Credit: Google Maps, iStock)

A major Bronx landlord is shorting All Year’s bonds. Are his concerns legit?

CrowdStreet CEO Tore Steen (Credit: iStock)

CrowdStreet hits $1B milestone, crowdfunding firm claims

From left: 55 East 74th Street, 9 East 82nd Street, 1 Central Park South, 78 Irving Place with Adam Neumann and 111 West 57th Street (Credit: StreetEasy, Wikipedia, Getty Images)

Adam Neumann’s triplex, Russians’ Plaza pad were priciest homes listed last week