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Continuum Secures Needed Funding to Restructure Luxury Condo Project Debt

The nearly $165-million debt restructuring puts to rest, according to Madison Realty Capital, litigation between Eichner’s Continuum and equity investors in the luxury condo tower at 45 East 22nd St.—Fortress Investment and Dune Real Estate Partners.

The 65-story Madison Square Park Tower at 45 East 22nd St. The 65-story Madison Square Park Tower at 45 East 22nd St.

NEW YORK CITY—Developer the Continuum Company has secured a $167.5-million first mortgage loan for its Madison Square Park Tower luxury condominium project on East 22nd Street that has been mired in a dispute with the project’s partners.

The financing deal, which was described as a “complex multi-party transaction” was announced by Madison Realty Capital, which provided the financing to Bruce Eichner of Continuum. The financing, backed by the 65-story, 83-unit luxury tower, allows Continuum to continue sales on the remaining units at the Madison Square Park Tower. To date, Madison Square Park Tower has sold 58 units for a total of approximately $400 million, according to Madison Realty Capital.

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John Jordan

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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