Madison Realty signs $70M acquisition loan with Signature Bank for 15 rentals in East Village

Madison Realty Capital through the entity EVP 223 East 5th St LLC (and others) as borrower signed an acquisition loan with lender Signature Bank valued at $70.0 million for 15 rentals including the 37-unit rental (C4) at 325 East 12th Street in East Village, Manhattan, 24-unit rental (C1) at 329 East 12th Street in East Village, Manhattan, and 20-unit rental (C7) at 27 St Marks Place in East Village, Manhattan.
The deal closed on April 23, 2021 and was recorded on May 12, 2021.
The 15 properties have 162,513 square feet of built space and 0 square feet of additional air rights for a total buildable of 157,248 square feet according to PincusCo analysis of city data. The loan price per built square foot is $430 per the PincusCo analysis.
The signatory for Madison Realty Capital was David Speiser.

Madison is taking control of the former Raphael Toledano portfolio, which was placed in bankruptcy in 2017. Madison lent Toledano $125 million in 2015.

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