Madison Capital, Salmar Properties borrow $45M from Blackstone for commercial property in Sunset Park

Madison Capital and Salmar Properties through the entity Salmar Properties, LLC as borrower signed a loan agreement with lender Blackstone Mortgage Trust through the entity Parlex 15 Finco, LLC – Series IX valued at $44.8 million for 2 parcels, including the tax class fireproof warehouse (E1) at 850 3rd Avenue, 870 3rd Avenue in Sunset Park. The deal closed on January 17, 2020 and was recorded on February 7, 2020.

The loan is a building loan of $44.8 million, and adds to a gap mortgage of $77.6 million and refinancing of existing $40 million in debt totaling $117.6 million that was recorded January 28, and reported by PincusCo January 29.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on December 31, 2013.
Over the past five years, there have been 22 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 22 renovation/alteration projects (A2) applied for with a total estimated value of $12,986,262.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link