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

Loan comes from Bank OZK, which has been very active in Manhattan lately
By Eddie Small | April 08, 2019 10:47AM

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.