Madison Realty Capital and an investment fund managed by an affiliate of Apollo Global Management have closed on a $155 million construction loan for a luxury condo by Pritzker Prize-winning Alvaro Siza.
611 West 56th Street is being co-developed by Sumaida + Khurana and LENY, an Israel-based investment firm led by Rudy Gabsi.
611 West 56th Street is the first building in the United States designed by the Portuguese architect. Located in the evolving Hudson West neighborhood, it will stand 35 stories in height and feature 83 residences, ranging from one-bedrooms to penthouses.
The condo will have “a significant amount” of outdoor space, including a landscaped roof garden and sun deck and private terraces for residents. Amenities will include a fitness center, children’s playroom and entertaining space to host private events.
Sales are slated to launch Spring 2019, and will be handled exclusively by Leonard Steinberg, Debra LaChance, and Justin D’Adamo of Compass.
For the construction loan, Madison Realty Capital and an investment fund managed by an affiliate of Apollo Global Management served as the lenders and Adi Chugh of Maverick Capital Partners arranged the financing.
Attorneys Carl Schwartz and Susan Saslow of Hunton Andrews Kurth represented the joint venture. Madison Realty Capital was represented by Jerry Feuerstein and Avi Schachter of Kriss & Feuerstein. Apollo was represented by David Broderick of DLA Piper.