Madison Realty Capital (MRC) closed a $72 million first mortgage loan collateralized by Highline Development Group’s nearly completed luxury condo in Chelsea.
Currently in the final stages of interior construction with completion expected midyear, 550 West 29th Street offers 19 luxury residential units and 5,022 s/f of premium retail/gallery space at grade.
The project team for 550 West 29th Street consists of Tamarkin Architecture P.C. as design architect, Ryder Construction as construction manager, CORE Real Estate as residential sales broker, and Manhattes Group as retail and gallery leasing agent.
“This is an excellent opportunity to finance an experienced developer working with a best-in-class project team toward completion and sellout of a stellar property,” said MRC principal Josh Zegen.
The property is located on 29th Street between 10th and 11th Avenues. The 19 residences range from 1,900 s/f, three-bedroom, three-bathroom units to 4,000 s/f, four-bedroom, 4.5-bathunits.
The ground floor retail/gallery space offers 75 feet of street frontage and ceiling heights exceeding 13 feet.