Ceruzzi Properties secures $350M to refi Midtown East tower

Meritz Securities provided the financing for the Centrale

TRD NEW YORK /
Feb.February 20, 2020 04:30 PM
Centrale at 138 East 50th Street and Ceruzzi Properties’ Arthur Hooper (Hooper by Sasha Maslov)

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

Ceruzzi Properties snagged a $350 million condo inventory loan for its luxury condominium tower in Midtown East.

Meritz Securities provided the financing for the Centrale at 138 East 50th Street, according to Commercial Observer. The loan replaces $300 million in financing that Madison Realty Capital provided in 2017. JLL’s Chris Peck, Dave Nackoul and Kristen Knappbrokered the deal. VI Development Group advised Meritz.

In 2013, Ceruzzi bought the development site from Extell Development for $86.2 million, as well as air rights that pushed the value of the deal past $100 million. The developer originally wanted to build a hotel on the site, but scrapped those plans in 2015.

The tower, designed by Pelli Clarke Pelli Architects, is more than 800 feet tall and has 124 condo units. Ceruzzi launched sales in the building in April 2019. At the time, the penthouse was listed for nearly $40 million.

New York’s luxury condo market is contending with an inventory overload, as The Real Deal reported in its cover story this month. There is $5.7 billion in existing inventory on the market and $33 billion in shadow inventory, according to a 2019 report from Halstead Development Marketing. [CO] — Kathryn Brenzel


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

Commercial loans expected to suffer because of the pandemic (Credit: iStock)

March saw fewer CMBS delinquencies. That is likely to change: Fitch

(Credit: iStock)

Thousands of CRE borrowers call on banks for debt relief

Banks, funds, mortgage REITs, and agencies like Fannie Mae and Freddie Mac have all begun adjusting their lending approach in face of the economic downturn (Credit: iStock)

These are the sectors where real estate lending is still happening: report

Angel Oak Cos. CEO Michael Fierman and Flagstar Bancorp Inc. CEO Alessandro DiNello (Credit: Angel Oak, Flagstar, iStock)

Mortgage market dries up for unconventional home loans

A WeWork office (Credit: Alex Tai/SOPA Images/LightRocket via Getty Images)

WeWork offers rent discounts as incentive to secure long-term leases

Gary Barnett, Central Park Tower, and the Tel Aviv Stock Exchange Bull (Credit: Wikipedia, iStock)

Extell’s Israeli bonds put on downgrade watch

arrow_forward_ios
Loading...