Rose Associates borrows $16M from Citgroup for property in Flatiron

December 7, 2020 5:33 am

Rose Associates through the entity Madison Green Corp. as borrower signed a loan agreement with lender Citi Real Estate Funding Inc. valued at $16 million for 3 parcels, including the tax class indoor parking condominium (RG) and commercial condos at 5 East 22nd Street in Flatiron. The deal closed on November 30, 2020 and was recorded on December 4, 2020.
The property contains a total of 17,549 square feet of built space.
The average loan per buildable square foot is $611.
The debt was increased from the prior maximum provided by M&T Bank in 2013 of $13.5 million. The signatory for Rose was Jonathan Rose.

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