Madison Realty Capital Provides $300.0 Million Construction Loan for Ceruzzi Properties’ Luxury Condo Development at 138 East 50th Street
3.8.2017 17:00 | Business Wire
Ceruzzi Properties (Ceruzzi) and Madison Realty Capital (MRC) announced the closing of a $300 million construction loan for completion of a major mixed-use development at 138 East 50th Street in the Midtown East neighborhood of Manhattan. MRC, an institutionally-backed real estate investment firm focused on real estate equity and debt investments in the middle markets, provided the loan for the project, which Ceruzzi is developing in partnership with SMI USA (SMI). The development consists of an 803-foot, 72-story tower with a façade designed by Pelli Clarke Pelli Architects, containing 124 luxury residential condominium units, 7,500 square feet of retail space at and below grade, and a 25-space parking garage.
“Madison Realty Capital was a pleasure to complete this transaction with,” said Lou Ceruzzi, Founder and President of Ceruzzi Properties. “The execution of the deal was smooth, efficient, and seamless. We are looking forward to our continued relationship with MRC and additional transactions as we keep an eye toward the future.”
“MRC was the ideal lending partner for this high-profile development, complementing the stellar project team we have assembled,” added Tom Tao, President of SMI.
“This transaction highlights MRC’s status as one of the very few single-source financing solution providers for top-tier sponsors like Ceruzzi Properties and their partners,” said Josh Zegen, Co-Founder and Managing Principal of MRC. “At a time when many developers have to pull together multiple capital sources in order to get deals done, we are offering one-stop shopping and a more efficient process. That is a compelling proposition for many of our clients, and we are often sought after as a lending partner for that reason.”
Construction is progressing rapidly at the site and the concrete superstructure has already reached the 40th floor, with topout expected this November. The condominiums are scheduled for completion in late 2018. Pelli Clarke Pelli Architects designed the façade, and SLCE Architects is the architect of record. AECOM Tishman serves as the general contractor.
Ceruzzi Properties plans to offer a mix of efficient one- to five-bedroom units, ranging from 777 square feet to 5,388 square feet, for a total of approximately 200,000 sellable square feet. Interior design by Champalimaud will be one element of the property’s overall high-end luxury environment. The building will include luxury amenities including an indoor pool and spa, fitness center, and shared work areas.
About Madison Realty Capital (MRC)
MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market. Founded in 2004, MRC has invested in approximately $6.0 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.
About Ceruzzi Holdings LLC
Ceruzzi Holdings LLC is a New York City-based, full-service company, which develops, acquires and operates a diversified portfolio of mainly real estate properties. Ceruzzi leverages its 25+ year track record of acquisition, development and structuring to create unique opportunities that deliver outsize returns. Recent Ceruzzi projects in New York City include the acquisition of the majority position of land beneath the Lipstick Building and the development site located at 520 Fifth Avenue. The company’s real estate professionals specialize in numerous disciplines, including construction, entitlements, leasing, marketing, management, and finance.
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Tilaa tiedotteet sähköpostiisi
Haluatko tietää asioista jo ennen kuin ne uutisoidaan? Kun tilaat tiedotteemme tältä julkaisijalta, saat ne sähköpostiisi yhtä aikaa suomalaisen median kanssa. Tilauksen voit halutessasi perua milloin tahansa.
Lue lisää julkaisijalta Business Wire
The Valence Group Issues Fairness Opinion to SK Capital in Connection with Archroma18.8.2017 16:30 | Tiedote
The Valence Group has provided a fairness opinion to SK Capital Partners, LP in connection with its recapitalization of Archroma, including investments made by various affiliates of SK Capital. Terms of the transaction were not disclosed. About SK Capital SK Capital is a private investment firm focused on the specialty materials, chemicals and pharmaceutical sectors. The firm builds strong and growing businesses that generate substantial long-term value for its investors. SK Capital utilizes its industry, operating and investment experience to identify opportunities to transform businesses into higher performing companies with improved strategic positioning, growth, profitability and risk profiles. The firm currently has approximately $1.9 billion of assets under management and its portfolio companies generate revenues of over $5.0 billion annually and employ approximat
Biker Summer 2017 campaign: What’s happening during Biker Summer 2017? Moto-tyres.co.uk is giving away exciting prizes!18.8.2017 12:22 | Tiedote
Whether it’s a short weekend break or a long-distance tour – once again this year Moto-tyres.co.uk is asking bikers from 10 countries about their dream destinations and longest journeys as part of its “Biker Summer 2017” campaign. To ensure than nothing gets in the way of your next tour, the two-wheeler tyre store from Delticom, Europe’s leading online tyre dealer, is entering anyone who completes the survey before 30 September 2017 into a prize draw to win some great biking accessories. Simply answer three short questions about your plans for bike tours this year (don’t forget to provide your name and email address), and with a bit of luck, you might win one of these great prizes. Up for grabs are a GARMIN motorbike GPS system, a GoPro camera with helmet bracket and five 200-Pound vouchers for new motorbike tyres from the online store – thanks to the product range at Moto-tyres.co.uk, eve
Lenovo Continues to Gain Momentum in First Quarter FY 2017/1818.8.2017 03:04 | Tiedote
Behind the strength of its 3-wave strategy, Lenovo’s business transformation continued to gain traction during the first quarter, delivering solid profitability in its core PC and smart devices business, and revenue and profit improvements in targeted growth areas, including the data center and mobile businesses. Fueled by new investments in people and products, Lenovo’s Data Center Group (DCG) introduced the most comprehensive product lineup in its history, with the new ThinkSystem and ThinkAgile portfolio, and continued to build out its end-to-end sales organization. Similarly, Lenovo’s Mobile Business Group launched significant new products led by the Moto Z2 Force, available now on all major U.S. carriers, and ramped up its branding efforts worldwide. “In the first quarter this fiscal year, we had stable performance as we executed our 3-wave strategy with commitment. We
Spirent Tests Wi-Fi Network Performance with O2 at the Coca-Cola London Eye17.8.2017 18:57 | Tiedote
Spirent Communications plc (LSE:SPT), today announced its Landslide E10 network test platform has been used with O2 to validate the Wi-Fi network performance and capacity at the Coca-Cola London Eye, before the launch of a new smartphone application last month. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170817005758/en/ Spirent Landslide E10 helped O2 validate Wi-Fi performance and capacity at the Coca-Cola London Eye, before the launch of a new smartphone application last month. (Photo: Busines Wire) Merlin Entertainments plc, operator of the London Eye, wanted to measure its Wi-Fi network performance, to ensure its infrastructure could provide an excellent experience for users of the new app, which puts increased demands on the Wi-Fi network. “The London Eye is a global attractio
Watch BizWireTV: A Camera You Can Wear and Krispy Kreme’s Famous Donuts Get Eclipsed with Chocolate17.8.2017 15:08 | Tiedote
On BizWireTV, catch some Quick Biz Hits and see the latest in Star Power. Also see what’s happening in the startup world with the Accelerator Report, featuring the VC Watch and this week’s Startup Standout. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170817005305/en/ BizWireTV is hosted by Jordyn Rolling (Photo: Business Wire Now you can watch BizWireTV, and the latest breakthroughs in tech from the biggest brands, on any screen you want by downloading the new app through the Apple TV and iPhone App Store and Google Play for Android devices. Top of the Wire Introducing FrontRow: the camera re-invented. Watch BizWireTV to see more disruptors as well as the top 5 trending stories of the week! A core c
PsiOxus Therapeutics Announce Two New Board Appointments: New Board Appointments Strengthen Company’s US Presence17.8.2017 10:00 | Tiedote
PsiOxus Therapeutics, Ltd. (PsiOxus) today announced the appointment of Charles Rowland and Duncan Higgons to the Board of Directors as part of an ongoing drive to expand in the US. Charles Rowland was most recently the President and Chief Executive Officer (CEO) of Aurinia Pharmaceuticals, a clinical stage pharmaceutical company focused on the global lupus nephritis market. Prior to this, he served as the Vice President and Chief Financial Officer (CFO) of ViroPharma, during which time the company grew into a global biopharmaceutical business with $500 million in annual revenues until it was acquired by Shire plc for $4.2 billion. Before joining ViroPharma, Mr. Rowland was executive Vice President, CFO, and interim co-CEO, for Endo Pharmaceuticals. In his earlier career, Charles held finance and operational positions at Biovail Pharmaceuticals, Breakaway Technologies, Pharmacia
Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.Tutustu uutishuoneeseemme