The Real Deal New York

Maddd Equities, Joy Construction refinance Hudson Yards rental building

Money for 445 West 35th Street comes from Bank Leumi
By Eddie Small | October 08, 2018 01:00PM

Joy Construction’s Eli Weiss (purple) and Maddd Equities’ Jorge Madruga (orange) and a rendering of 445 West 35th Street (Credit: Getty Images)

Joy Construction and Maddd Equities have received a $45 million bridge loan to refinance one of their Hudson Yards projects.

The loan for 445 West 35th Street comes from Bank Leumi, according to Joy Construction’s Eli Weiss. The rental property contains 118 apartments and 5,000 square feet of retail leased to the Mediterranean restaurant Kyma.

The companies started preleasing the building after Labor Day, and it is now roughly 35 percent leased, Weiss said. Average rents at the building have been in the $4,000 range, according to StreetEasy.

Maddd and Joy purchased a 99-year ground lease on the property in 2012 for payments of about $1.1 million per year, Weiss said.

The companies locked in an $86 million refinancing package from KKR for their neighboring rental property at 411 West 35th Street earlier this year. That building stands 12 stories tall with 186 units. The developers built the Four Points Manhattan Midtown West hotel in the neighborhood as well at 444 10th Avenue.

Douglaston Development and Rockrose Development both filed plans for massive Hudson Yards projects last month. Douglaston is planning a roughly 740,000-square-foot building with 931 units at 601 West 29th Street, and Rockrose is planning a roughly 400,000-square-foot building with 598 units on West 38th Street.