Fosun International and J.D. Carlisle Development Group landed a $350 million construction loan for their proposed 66-story condo tower in NoMad, sources told The Real Deal.
Bank of the Ozarks, the prolific Arkansas-based lender, provided the financing, according to Eastern Consolidated, which brokered the deal.
The financing will allow the project – located at 126 Madison Avenue between East 30th and 31st streets – to proceed. The developers have already finished foundation work and plan to wrap up construction by 2021.
Plans call for a 400,400-square-foot, Handel Architects-designed tower with 199 condo units and just over 4,000 square feet of retail at the base.
The firms acquired the site for $102 million in 2015, with financing from the insurer Ullico, property records show. At the time, they envisioned a much shorter building, at only 47 stories.
At 798 feet, the skyscraper will be one of the tallest in NoMad. Boris Kuzinez is planning a 1,001-foot supertall at 262 Fifth Avenue and the 663-foot, Rafael Vinoly-designed tower developed by Victor Group and Lendlease at 277 Fifth Avenue topped out in March.
Adam Hakim and James Murad
An Eastern Consolidated team led by Adam Hakim, James Murad and Andrew Iadeluca brokered the financing. Neither the developers nor the lender could be immediately reached for comment.
Chinese conglomerate Fosun redeveloped One Chase Manhattan Plaza as 28 Liberty, which it refinanced in November for $702.5 million.The firm said it owns real estate in 36 markets across 12 countries. J.D. Carlisle, a Midtown-based developer led by Evan Stein, has also developed the nearby 160 Madison Avenue and Morton Square in the West Village.