Eastern Consolidated’s Capital Advisory Division has secured a $350 million construction loan for a 66-story luxury condominium project being developed by JD Carlisle Development Group and Fosun International at 126 Madison Avenue aka 15 East 30th Street in NoMad.
The Eastern Consolidated team of Adam Hakim, Managing Director and Principal, James Murad, Director, and Andrew Iadeluca, Associate Director, arranged the loan with Bank of the Ozarks.
Fried Frank acted as counsel on behalf of the joint venture between JD Carlisle Development and Fosun Property. The Fried Frank team included real estate partners Jon Mechanic and Nathaniel Lifschitz and real estate associates Danielle Frank and Shelby Smith.
Designed by the award-winning architectural firm Handel Architects, the 199-unit tower will total 400,408 gross square feet and include 4,093 sellable square feet of retail and 290,953 sellable square feet of residential space. The building will feature such high-end amenities as an indoor pool, private party room, dining room, lounge, fitness center, and full-time doorman.
“We were very pleased to be able to secure this loan for Fosun International and JD Carlisle, which is one of the most recognizable, generational developers in New York City,” Hakim said. “JD Carlisle’s track record of successful projects, including a new rental development a block away, made this project particularly attractive to the lender.”
Iadeluca added, “It was a pleasure working on a 66-story condo project that will forever change the Manhattan skyline. JD Carlisle’s Jules Demchick and Evan Stein are top of the line developers and along with global giant Fosun are creating an iconic building in the heart of NoMad.”
JD Carlisle assembled the condo development site from air and parcels including 132 Madison Avenue and 15 East 30th Street. Foundation work on the project is finished, and the building is slated for completion in 2021.
Founded in 1946, J.D. Carlisle’s recent luxury residential developments in Manhattan include 160 Madison Avenue, the Beatrice, Centria, Cielo, and Morton Square.
In addition to 126-132 Madison Avenue, the Shanghai-based Fosun International owns 28 Liberty Street in Manhattan, and a real estate portfolio that spans 36 markets in 12 countries in Asia, Europe, North America, South America, and the Pacific.