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

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

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Larry Korman (Photo by Emily Assiran)

The self-lockdown lifestyle of AKA’s Larry Korman

The self-lockdown lifestyle of AKA’s Larry Korman
Renderings of the project and Gil Dezer (Getty; Renderings via  Zyscovich Architects)

Dezer’s 30-acre megaproject in North Miami Beach gets first approval

Dezer’s 30-acre megaproject in North Miami Beach gets first approval
731 Lexington Avenue and 410 East 61st Street (inset) with Vornado's Steve Roth (Googel Maps; VNO)

Home Depot eyes former Bed Bath & Beyond space on First Ave

Home Depot eyes former Bed Bath & Beyond space on First Ave
United Wholesale Mortgage Mat Ishbia and Gores Holdings IV CEO Alec Gores (Photos via United Wholesale Mortgage and Gores)

United Wholesale Mortgage goes public with $16B valuation

United Wholesale Mortgage goes public with $16B valuation
305 East 61st Street and Jason Carter of Carter Management Corp. (Google Maps; Carter Management Corp.)

Upper East Side condo conversion fetches $51M at auction

Upper East Side condo conversion fetches $51M at auction
Council member Laurie Cumbo  and a rendering of the Bedford-Union Armory (Getty; Bedford Armory)

Student suspended after blasting lawmaker’s pro-development stance

Student suspended after blasting lawmaker’s pro-development stance
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...