Midwood, EJS ink $95M construction loan for UES condo project

Loan comes from Bank OZK, which has been very active in Manhattan lately

TRD NEW YORK /
Apr.April 08, 2019 10:47 AM
Midwood CEO John Usdan and 150 East 78th Street (Credit: Midwood and Google Maps)

Midwood CEO John Usdan and 150 East 78th Street (Credit: Midwood and Google Maps)

Midwood Investment and EJS Real Estate have landed a $95 million construction loan for their luxury condo project on the Upper East Side, the companies announced Monday.

The loan comes from Bank OZK for the planned development at 150 East 78th Street. The 15-story project will include 25 condos and ground floor retail space, and it was designed by Robert A.M. Stern Architects and Ismael Leyva Architects. The development should be completed by early 2021.

Midwood filed plans for the project in 2017 with the Department of Buildings. It should span about 85,000 square feet overall, split between 81,000 square feet of residential space and 4,000 square feet of commercial space.

Bank OZK has been an extremely active construction lender in recent years. It just loaned $96 million to Anbau for its condo project in the Flatiron District and $120 million to RAL Development for its Union Square Tech Training Development Center earlier in April.

Bank OZK CEO George Gleason signaled in a January earnings call that the bank could continue making big moves throughout the year.


Related Articles

arrow_forward_ios
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

133-25 37th Avenue in Flushing

Developer Gary Tsan buys Flushing property for $60M

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

The former Food Emporium space at East 59th Street and First Avenue and a Trader Joe's (Credit: Google Maps, Wikipedia)

Trader Joe’s to open new UES store under Queensboro bridge

arrow_forward_ios
Loading...