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Debt & Equity

MRC ponies up $45M to finish posh Noho condo

Madison Realty Capital (MRC) provided $45.50 million of financing to the developer of 22 Bond Street, a mixed-use condominium development in Noho.

Richport Group and Second Development Services are close to finishing the pricey 11-story property where apartments start at $8.95 million.

The funds from MRC will be used to complete construction and sell out the condominium units, according to Josh Zegen, managing principal of MRC, who said his firm grabbed the opportunity to invest in the same neighborhood it built One Great Jones Alley, two blocks from 22 Bond.

“Through that recent development experience, we have become deeply familiar with the immediate neighborhood and its special attributes as a landmark area with limited available condo product,” said Zegen,

After previously acquiring the existing note on 22 Bond, MRC arrangeed new financing to help the borrower complete the project.

22 Bond Street is a 34,035 s/f mixed-use building swith a 4,245 s/f commercial condominium on the cellar and grade levels, and six residential condominiums beginning on the second floor. Construction should be complete by the Spring.

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