Finances luxury condominium project under development by Soho Properties
NEW YORK, Sept. 5, 2014 /PRNewswire/ — Madison Realty Capital (MRC), an institutionally-backed real estate private equity firm focused on real estate equity and debt investments in the middle markets, announced the closing of $33 million in first mortgage financing for 45 Park Place, the luxury condominium tower currently under development by Soho Properties. Headed by Sharif El-Gamal, Soho Properties filed plans with the New York City Department of Buildings in May and expects to commence construction in 2015. The loan from MRC will be used to fund predevelopment and other costs associated with the as-of-right project, which totals approximately 120,000 gross square feet.
Josh Zegen, Co-Founder and Managing Principal of MRC, made the announcement. "We're pleased that MRC could provide financing to facilitate this exciting project," Zegen said. "Soho Properties has assembled a prime site, engaged great architects, and is creating adjacent cultural and green spaces that further enhance the location."
Designed by architect Michel Abboud of SOMA Architects, with Ismael Leyva Architects, 45 Park Place is a glass and steel tower that will soar 665 feet, offering unparalleled panoramic views from its location at the southern edge of the Tribeca Historic District. The tower will be neighbor to a museum and public green space designed by world renowned architect Jean Nouvel. Construction is expected to begin in 2015, with delivery of the tower in 2017. Tishman Construction will serve as construction manager.
"Madison Realty Capital preempted our market request and provided us with a customized financing solution perfectly tailored to the needs of our project," Mr. El-Gamal said. "In addition to lending, Madison has extensive New York City development experience which allowed their team to understand our vision for 45 Park Place and execute flawlessly."
About Madison Realty Capital (MRC)
MRC is a New York-based real estate private equity firm that pursues real estate equity and debt investments in the middle market. Founded in 2004, MRC has invested in approximately $2.5 billion of transactions in the multifamily, retail, office and industrial sectors.
About Soho Properties
Soho Properties, Inc. is a commercial real estate investment firm and owner of office, multi-family and retail developments founded by Sharif El-Gamal in 2003 in New York City. The Soho Properties team arranges and participates in real estate investments in office, residential and retail property markets in New York City, generating opportunities for its clients through the acquisition of both single assets as well as portfolios, and has executed over $1 billion in New York City transactions since its inception. Soho Properties recently announced plans for a $300 Million development of a new hotel and retail offering in Times Square.
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