The Chetrit Group Secures $70M Loan for Lower East Side Development
Madison Realty Capital originated the financing for the mixed-use waterfront towers, which will feature retail space and affordable multifamily space.
NEW YORK, NY – Vertically-integrated real estate private equity firm Madison Realty Capital has originated a $70 million loan for developer the Chetrit Group to construct two mixed-use towers in Manhattan.
Located in Manhattan’s Lower East Side neighborhood at 260 South St., the waterfront development will include a 64-story tower and a 70-story tower.
The class A property will offer 1,300 multifamily units, 16,000 square feet of retail space and 130 parking spaces. The residential space will include a mix of studio, one-, two- and three bedroom units, and the property will offer affordable rents as a part of the Affordable New York program.
The fully-planned project is set to commence construction.
“260 South Street will provide much needed housing in Two Bridges, a highly-desirable area of Manhattan where there are significant barriers to entry,” states Josh Zegen, managing principal and co-founder of Madison Realty Capital. “The East River waterfront is poised for growth, and we are excited to play a role in the development of new housing in the submarket.”
Galaxy Capital Solutions’ Henry Bodek arranged the transaction.
Zegen says, “Chetrit Group is a repeat borrower and Madison Realty Capital is pleased to deliver a creative financing solution for this notable acquisition in short order.”