Transactions Include $7.75 Million Loan for Greenwich Village Multifamily Townhouse and $3.7 Million Loan for Upper West Side Multifamily Townhouse
Financing Will Be Used Towards Converting Both Assets to Single-Family Properties
NEW YORK, March 4, 2014 /PRNewswire/ — Madison Realty Capital (MRC), an institutionally backed commercial real estate investment firm and asset manager specializing in flexible debt and equity financing solutions for middle-market transactions throughout the United States, announced the closing of separate new loan originations for the acquisition and redevelopment of two Manhattan townhouses.
The two transactions include a $7.75 million loan for the purchase of a three-story multifamily townhouse located at 152 West 13th Street in Greenwich Village and a $3.7 million loan for the acquisition of a four-story multifamily townhouse located at 113 West 95th Street. The new funding from MRC will also allow each borrower to renovate and expand both properties into single-family luxury homes.
"We continue to identify financing opportunities on a selective basis for experienced sponsors pursuing quality time-sensitive acquisitions," said Josh Zegen, Co-Founder and Managing Member of MRC. "These are both attractive projects within highly-desirable Manhattan neighborhoods that fit our investment criteria. With the additional funding in place, both borrowers will be able to carry out their long-term vision for each asset and we look forward to seeing the new upgraded properties when renovations are complete."
152 West 13th Street – $7.75 Million New Loan Origination
The property, originally built in 1899, is currently a three-story 3,360 square-foot townhouse located at 152 West 13th Street, between 6th and 7th Avenues within Manhattan's Greenwich Village neighborhood. The property is currently configured as a multifamily building with three residential units.
With the $7.75 million loan from MRC, the borrower intends to renovate the property into a luxury single-family townhouse. Plan include expanding the floor plates on all three floors, adding a 400 square-foot rooftop penthouse space, increasing the ceiling heights, expanding the cellar footprint by roughly 1,000 square-feet, adding a large skylight and a makeover of the backyard. The borrower also intends to add high-end modern finishes, lavish fixtures, and top-of-the-line appliances that are consistent with comparable luxury townhomes. Once complete, the new single-family property will contain an additional 1,183 square-feet of livable space for a total of 4,543 square-feet.
About 113 West 95th Street – $3.7 Million New Loan Origination
The property, originally built in 1910, is currently a four-story 3,455 square-foot townhouse located at 113 West 95th Street between Columbus and Amsterdam Avenues within the Upper West Side neighborhood of Manhattan. The property is currently configured as a multifamily building containing five residential units.
With the $3.7 million loan from MRC, the borrower intends to fully renovate the property into a luxury single family townhouse. Plans include adding a 5th and 6th floor, expanding each floor's footprints, adding high-end modern finishes, lavish fixture, top of the line appliances, increasing the ceiling heights and adding an elevator and a greenhouse. Once complete, the property will have an additional 2,304 square-feet of livable space with six bedrooms, five full bathrooms, 4 half-bathrooms, a wine cellar, expanded recreation room, library, separate living and dining rooms, and a penthouse sun room on the6th floor with skylights.
About Madison Realty Capital ("MRC")
Founded in 2004, Madison Realty Capital is an institutionally backed commercial real estate firm specializing in flexible debt and equity financing solutions for middle-market transactions throughout the United States. MRC invests in the multifamily, retail, office and industrial sectors and has completed approximately $2 billion of transactions in 28 states to date. MRC's vertically integrated platform encompasses origination, servicing, asset management, property management and construction management expertise to maximize the value of its investments.
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