Madison Development obtained financing of $11M from Standard Insurance Company

Madison Development through the entity 262 Mott Property LLC as borrower signed a loan agreement with lender Standard Insurance Company valued at $11.1 million for 17 parcels, including the tax class commercial condominium unit (R5) at 262 Mott Street in Nolita. The deal closed on June 26, 2019 and was recorded on September 11, 2019.
The property contains a total of 568 square feet of built space.
The average loan per buildable square foot is $472.
Ladder Capital previously held the debt on the asset. The last time the property sold was August 10, 2016, for $26,000,000.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 28 residential (or hotel) units on August 29, 2012.

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Direct link to the city’s interactive property map, ZOLA. link

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