Real Estate Weekly
Image default
Debt & Equity

Partners land $95M financing for new Robert Stern-designed luxury condo

Midwood Investment & Development and EJS Real Estate have secured a $95 million construction loan from Bank OZK to finance the development of 25 luxury condos and ground floor retail space located at 150 East 78th Street on the Upper East Side.

“This is the first time we’ve worked with Bank OZK. Their reputation as a best in class lender to high end condos in New York made them a natural partner for this project,” said John Usdan, CEO of Midwood Investment & Development.

“The loan will allow EJS and Midwood the ability to fully execute on our shared vision to bring high quality residences to one of the best blocks on the Upper East Side. Ground breaking will commence shortly.”

150 E 78th Street will be a 15 story limestone and brick building designed by Robert A.M. Stern Architects (design architect) and Ismael Leyva Architects (architect-of-record).

”EJS is proud to partner with Midwood on this outstanding project,” said Ted Segal, President of EJS Real Estate. “Midwood’s exemplary reputation and strong execution track record, coupled with the renowned design team and unparalleled location, provide the ideal elements for our first development project.”

The Upper East Side neighborhood has traditionally been known for its old-world elegance, cultural institutions along Museum Mile, historic landmarks and upscale boutiques.

However, in recent years the Upper East Side has been attracting new residents and visitors due to its influx of forward-thinking restaurants, retail and cultural offerings like the Penrose, Birch Coffee, E by Equinox, The Mark Hotel and the Met Brewer.

Related posts

Juniper closes on three-year bridge loan for 300-unit apartment complex

REW

Greystone refinances assisted living facility with Fannie Mae loan

REW

Americas’s Capital Partners refinances debt

REW