Madison Realty Capital borrows $52M from RWN Real Estate Partners for development site in East Village

Madison Realty Capital through the entity 644 East 14th Street 1 LLC as borrower signed a loan agreement with lender RWN Real Estate Partners through the entity Rwnih-Mad 2 LLC valued at $52 million for 1 parcel at 644 East 14th Street, also known as 223 Avenue C in East Village. The deal closed on April 29, 2020 and was recorded on May 8, 2020.

Madison Realty Capital assigned $52 million in debt to RWN Real Estate Partners, which is a subsidiary of billionaire Apollo co-founder Marc Rowan’s family office RWN Management. The last time the property sold was June 23, 2016, for $23,000,000.

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 new building permit application totaling 63,932 square feet. Those plans include a total of 50 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
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