UK developer lands $126M for Greenpoint luxury dev
Quadrum Global planning 171-unit waterfront project
United Kingdom developer Quadrum Global is ready to continue its invasion of Brooklyn with the help of a nine-figure construction loan.
The London-based firm landed a $126 million construction loan from Madison Realty Capital at 29 Huron Street, PincusCo reported. Madison Realty borrowed from Axos Capital, which was assigned an interest in the loans.
The construction loan should allow Quadrum Global to get to work in Greenpoint, where the developer is planning two luxury condo towers on the waterfront. The project is slated to span 171 units across 178,000 square feet.
Morris Adjmi Architects is the development’s designer. Quadrum acquired the site, a vacant warehouse, in 2014 for $45.5 million. Quadrum reportedly acquired the property as part of a 1031 exchange and proceeds came from the sale of B Ocean Resort in Fort Lauderdale, Florida.
The Huron is expected to include layouts from studios to four-bedroom units. There will be 20,000 square feet of private outdoor space and 30,000 square feet of amenities, including coworking spaces, a playground, a fitness center and an indoor pool.
Serhant was retained to market the condos. Sales are expected to begin this summer.
Elsewhere in Greenpoint, Sydney-based Lendlease is working on a 14-story building with nearly 500 apartments and 12,000 square feet of retail space.
Lendlease and Australian pension fund Aware Super purchased the site at 1 Java Street in 2020 for $110.8 million. The seller was JZ Capital Partners, a London-listed investment firm, along with RedSky Capital-owned Stiles Properties.
Madison Realty is one of the fastest-growing lenders in the commercial real estate market, boasting $20 billion in debt and equity deals as of the beginning of February. The company was known as a special-situations lender, but has since expanded into big, ground-up construction loans.
In December, Madison Realty cut a $485 million loan for Harridge Development’s Crossroads Hollywood project in Los Angeles.
— Holden Walter-Warner