Adam America gets $63M construction loan from MSD Partners for UWS project

Adam America Real Estate through the entity UWS Property Owner, LLC as borrower signed a loan agreement with lender MSD RCOF Partners IV, LLC valued at $63 million for 1 parcel, including the tax class land not zoned residential or Manhattan below 110th Street (V1) at 2503 Broadway in the Upper West Side. With an outstanding $37 million land loan, the total debt is $100 million.

The deal closed on November 5, 2020 and was recorded on November 23, 2020.
There has been one new building permit application totaling 90,596 square feet. Those plans include a total of 44 residential or hotel units.
This is a new construction loan with $37.8 million in a building loan and $25.2 million in a project loan. There is a $37 million land loan outstanding, for a total debt of $100 million with MSD. The last time the property sold was August 22, 2018 for $50 million.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA