Robert Stern-designed UES condo project gets $100M refi
Madison Realty Capital provides loan to CBSK Ironstate & Arel Capital
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.
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.