Ceruzzi Properties has secured the next phase of financing at The Centrale, the luxury residential condominium tower at 138 East 50th Street in the Midtown East neighborhood of Manhattan. The new financing marks the first Korean inventory loan in New York City.
Meritz provided Ceruzzi with a $350 million inventory loan collateralized by the luxury residential tower, which pays off a previous $300 million construction loan Madison Realty Capital provided to Ceruzzi in 2017. Madison now exits its investment.
“We are pleased with the seamless execution of this latest financing between all parties involved,” said Ceruzzi President Arthur Hooper. “In addition, we are very appreciative of the original construction loan that Madison Realty Capital provided on the property, which allowed us to complete this remarkable asset within the original timeline.”
The 803-foot, 63-floor tower features 124 luxury residential condominium units, 7,645 square feet of retail space at and below grade and a 25-space parking garage, with a façade designed by Pelli Clarke Pelli Architects. Ceruzzi completed The Centrale in early 2019 and has put 20 units into hard contract.
VI Development Group advised Meritz on the transaction and tapped PIA Asset Management to enter as the asset management company for the project. JLL represented Ceruzzi exclusively on the transaction.
