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West Harlem condo gets $160M inventory loan

Bespoke Living refinances with Madison Realty Capital

300 West 122nd Street, Bespoke Living’s Rachel Medalie and Madison Realty Capital's Josh Zegen (StreetEasy, Douglas Elliman)
300 West 122nd Street, Bespoke Living’s Rachel Medalie and Madison Realty Capital's Josh Zegen (StreetEasy, Douglas Elliman)

Bespoke Living locked down a $160 million inventory loan for its nearly completed West Harlem condominium project.

The developer refinanced its 170-unit condo development at 300 West 122nd Street with a $160.4 million loan from Madison Realty Capital.

The lender had provided $138 million in acquisition and construction financing for the 13-story building, which is 80 percent complete with more than half of the units sold.

Bespoke Living managing partner Rachel Medalie said Madison “showed tremendous flexibility” during trying times during the pandemic when it came to special requests such as overseas supplies.

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The building has nearly 24,000 square feet of retail space, 57 parking spots and 68 storage units.

Brooklyn-based Bespoke Living bought the property for almost $69 million in 2019 from RWN Real Estate Partners, which had taken control through a bankruptcy auction.

Developer Hans Futterman had long sought to develop the property, but ran into trouble and filed for bankruptcy.

In Brooklyn, Bespoke developed the 37-unit Museum House condo at 805 Washington Ave in Crown Heights and a 113-unit rental building at 834 Pacific Street near the Barclays Center.

Tags
InventoryMadison Realty CapitalWest Harlem