News February 11, 2022
Madison Realty Capital Provides $27M Pre-Development Loan on Upper East Side Condos
Commercial Observer reported that Forkosh Development Group has secured a $26.5 million debt package from Madison Realty Capital for pre-development work on a planned mixed-use luxury condominium project on Manhattan’s Upper East Side. The 36-unit condo development located at 305 East 61st Street will also offer 3,847 square feet of ground-floor retail and 4,333 square feet of mezzanine-level retail. Madison recently supplied $100 million of construction financing to a joint venture between CBSK Ironstate and Arel Capital for completion of a 13-unit luxury residential property at nearby 1228 Madison Avenue designed by Robert A.M. Stern Architects.