MSD partners borrows $145M from Axos, AIG in two UWS transactions

Michael Dell’s MSD Partners borrowed a total of $145 million from Axos and AIG in two separate transactions secured by Adam America Real Estate development sites.

In the first, MSD borrowed $80 million from AIG against a $90 million construction loan at 2461 and 2463 Broadway in the Upper West Side. The deal closed on January 21, 2021 and was recorded on February 9, 2021.

MSD borrowed that $80 million through a collateral assignment to AIG. MSD gave to Adam America the construction loan with a total principal value of $90 million in December 2019, resulting in a loan to value of 89%.

MSD also borrowed $65 million from Axos Bank through a collateral assignment of loan for a nearby 44-unit development  at 2505 Broadway that has a total of $100 million in debt, for a total loan to value of 65%.

The signatory for MSD was Kenneth Gerold. 

There has been one demolition project filed for the parcels over the past five years.

Direct link to Acris document. link

The second loan was on 2505 Broadway in the Upper West Side. The deal closed on January 28, 2021 and was recorded on February 9, 2021.

The last time the property sold was August 22, 2018 for $50,000,000.

There has been one new building permit application Those plans include a total of 44 residential units.

There has been one demolition project filed for the parcels over the past five years.

Direct link to Acris document. link