Singapore’s Alpha Investment gets $204M condo inventory loan at former Macklowe project in Midtown East

Singapore-based Alpha Investment Partners through the entity MIPA 59/Third Owner LLC as borrower signed a condominium inventory loan agreement with Singapore-based lender United Overseas Bank Limited valued at $204 million for 63 parcels, including the tax class residential condo in Acris (SC) and containing 68 residential units at 200 East 59th Street in Midtown East. The deal closed on June 12, 2020 and was recorded on June 19, 2020.

The average loan per unit is $3,343,934, but there are commercial units as well.
The loan includes $36 million in new debt and refinances $168 million outstanding in construction debt, also provided by United Overseas Bank. The signatory for the borrower was Kent Goodwin, whose LinkedIn account (which writes his name as Goodwin Kent) identifies him as an advisor for Alpha . The Real Deal reported that Harry Macklowe sold his stake in this condo development to Alpha, which had been his capital partner in the project. Centurion Real Estate Partners was brought in as a replacement sponsor. This condo project is one of the 19 condo projects in Manhattan between 14th Street to 60th Street that are less than 50 percent sold out. Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Correction: A prior version of this post incorrectly stated the number of residential units as 61, but in fact there are 68.