News August 06, 2021
Robert Stern-designed UES condop project gets $100M refi
The Real Deal reported that developers CBSK Ironstate and Arel Capital have secured a $100 million refinancing deal from leading debt investment firm Madison Realty Capital for the quick-selling condop development at 1228 Madison Avenue. This Robert A.M. Stern-designed building is 42% sold, with all of those sales coming in the wake of the COVID pandemic, and the new loan both refinances the existing line of construction credit as well as covers the building’s closing costs. This is the third financing deal that CBSK and Madison have completed together, with Madison Managing Principal and Co-Founder Josh Zegen noting that this deal went from proposal to closing in a mere three weeks.