Developer Ian Bruce Eichner has put up his luxury Madison Square Park Tower as collateral for a $167.5 million loan.
Madison Realty Capital announced the deal stating the money would allow Eichner to focus on selling the remainder of the condos at the 60-story tower after settling a dispute with previous partners.
Eichner had been embroiled in a dispute with equity investors Fortress Investment and Dune Real Estate Partners
The new loan is backed by a borrower’s unsold real estate inventory. According to Madison Realty Capital, 25 apartments are still for sale in the 83-unit tower, the cheapest of which is a $2.5 million one bedroom while the five bedroom penthouse is on the market for $48 million.
Josh Zegen, co-founder and managing principal of MRC, said, “With this transaction we have streamlined the capital stack and provided Continuum with the flexibility needed to maintain the current sales at this one-of-a-kind development
“Our hallmarks – speed, flexibility, and certainty of execution in complex situations, supported by thorough and diligent underwriting – are all on display through this deal and we’re pleased to facilitate the borrower’s business plan by providing the necessary financing.”
Madison Square Park Tower has been developed by a team that includes Plaza Construction as general contractor, Kohn Peterson Fox Associates as design architect, HWA as executive architect, and the Eklund Gomes Team of Douglas Elliman as the residential sales brokerage team. Interiors were designed by Martin Brudnizki Design Studio.
The glass tower rises 777 feet and apartments have floor-to-ceiling windows .
Amenities are located across five floors and include a fitness center with boxing and private training suite, golf simulator, basketball court, children’s playroom, library, billiards, cards room, terrace with outdoor grill, and two entertaining spaces including Fifty Four, a lounge and catering kitchen on the fifty-fourth floor.