Commercial Observer is reporting that South Korean lender Meritz Securities has entered into the New York condo market by extending a $350 million loan to Ceruzzi Properties on the recently-completed 138 East 50th Street, "The Centrale". The loan will retire $300 million in previous construction debt from Madison Realty Capital, the debt investment firm that helped the developer complete construction on the building last year. The César Pelli-designed tower between Lexington and Third Avenues features 124 luxury condo residences as well as over 8,600 square feet of lower-level retail space. Currently, 22 residences including a duplex penthouse are on the market.

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