Chelsea Luxury Condo Secures $72M in Financing

NEW YORK CITY—Highline Development Group has secured $72 million in first mortgage loan financing from Madison Realty Capital for its nearly completed luxury condominium project in Chelsea.

Currently in the final stages of interior construction, Highline’s 550 W. 29^th St. development will consist of 19 luxury residential condominium units, along with 5,022 square feet of at grade premium retail/gallery space. Madison Realty Capital announced the closing of the financing transaction. Construction on the 12-story building along Chelsea’s High Line is expected to be completed by mid-year 2018.

The property is being developed by Highline Development Group and Tamarkin Co., headed by developer and architect Cary Tamarkin.

Tamarkin Architecture P.C. is the design architect, Ryder Construction is the construction manager, CORE Real Estate is the residential sales broker and Manhattes Group is the retail and gallery leasing agent for the property.

“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,” states Josh Zegen, co-founder and managing principal of Madison Realty Capital. “We’re pleased to play an important role in getting the project done, and we believe 550 West 29^th St. will be a success.” He adds the financing deal was completed in seven days.

The financing deal retires previous debt on the property and funds the completion of construction of the project, Madison Realty reports. The property on 29th Street between 10th and 11th avenues, will feature residents ranging from 1,900-square-foot, three-bedroom, three-bathroom units to 4,000-square-foot, four-bedroom, four and a half bathroom units.