Electra America signs $19M rehab construction loan with Maxim for hotel in Nomad

Electra America Hospitality Group through the entity Eahg Nomad, LLC as borrower signed a rehab construction loan with lender Maxim Credit Group valued at $19 million for the six-unit rental (H6) at 131 Madison Avenue in Nomad, Manhattan.
The deal closed on June 10, 2021 and was recorded on June 29, 2021.
The property has 98,234 square feet of built space and 0 square feet of additional air rights for a total buildable of 82,730 square feet according to PincusCo analysis of city data. The loan price per built square foot is $193 per the PincusCo analysis.
The signatory for Electra America Hospitality Group was Russell D. Urban.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $566,775.
Russell Urban is CEO of Electra.

Within a 400-foot radius of 131 Madison Avenue, PincusCo identified seven commercial real estate items of interests occurred over the past 24 months.
Of those seven items, one was in new building development. It was a new building permit issued on November 26, 2019 for a 41,992-square-foot residential R-2 building with 49 residential units at 7 East 30th Street.
Of those seven items, two were for major renovation including a certificate of occupancy change. They were two permits with a total initial cost of $861,360. The most recent of these two items was the permit on August 13, 2020 for a 1,618-square-foot building at 15 East 30th Street.
Of those seven items, four were loans above $5 million totaling $198.8 million. The most recent of the four was JD Carlisle Development which borrowed $70.0 million from Bank OZK secured by the 407,521-square-foot, 201-unit rental (D6) on 15 East 30th Street and two other properties on February 10, 2021.

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