Madison Realty Capital (MRC) announced the closing of a $36.1 million loan collateralized by a mixed-use development site located at 214 West 72nd Street on the Upper West Side.
The borrower, a partnership between Scott Shnay of SK Development and Charles Blaichman of CB Developers, is planning to construct a 21-story, 38,000 s/f mixed-use project with residential and retail uses.
The site is currently improved with a five-story vacant building, which the borrower intends to demolish and begin construction on the new property that is expected to include 18 full-floor condos and a ground floor retail condo. The loan MRC is providing will refinance the existing debt, fund construction costs and cover all other expenses associated with the development of the project.
Josh Zegen, co-founder and managing principal of MRC, said, “We believe that the mixed-use project at 214 West 72nd Street will exceed the market’s expectations of what a residential and retail building can be in this neighborhood.”
The borrower has enlisted CM & Associates as general contractor, Greenberg Farrow as architect of record and Corcoran Sunshine as the residential sales and marketing agents. Construction is expected to take 27 months.