A quick-selling condop development on the Upper East Side designed by Robert A.M. Stern has landed a $100 million refinance.
The developers of 1228 Madison Avenue — CBSK Ironstate and Arel Capital — secured the financing from Madison Realty Capital.
The new debt refinances a $65 million construction loan provided by Deutsche Bank in 2019 and will cover the project’s closing costs.
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CBSK’s Scott Shnay and Madison Realty Capital’s Josh Zegen noted the quick timeframe in which they wrapped up the deal: just three weeks. It’s the third financing transaction the two sides have done together.
Adi Chugh of Surya Capital Partners arranged the financing.
The 13-unit luxury condop is 42 percent pre-sold, with all the deals coming post-Covid.
Late last year, a buyer described as a New York family purchased the duplex penthouse and a 16-floor unit below with plans to combine them into a 6,150-square-foot triplex. The combined asking price of the two apartments was $28.7 million.
Correction: A previous version of this story incorrectly identified 1228 Madison Avenue as a co-op. It is a condop.