Fremont provides $100m for Park Ave. condos.

Fremont Investment & Loan provided $100 million to East 29th Street, LLC, a joint venture of Espais Promocions Immobiliaries E.P.I., S.A. and Landscape Promocions Immobiliaries, S.L. for the acquisition and construction financing of a new 30-story, 132-unit condominium project to be located just off Park Avenue South, bordering on the Murray Hill and Madison Square Park neighborhoods of Manhattan.

Paul Dougherty of Perseus Realty Capital of Washington DC provided mortgage brokerage services for this transaction. Fremont plans to participate 25 percent of the loan with another financial institution.

Fremont reviewed this opportunity last year, while it was still in the design development phase. The original developer elected, after the completion of the construction documents and obtaining the building permits, to sell the site to the sponsor.

"We were already familiar with this well-conceived project, and so we were able to underwrite and approve the loan in 10 days," said Michael McGoldrick, vice president and senior loan originator with the New York Commercial Real Estate Office of Fremont Investment & Loan. "Construction is expected to begin next month and sales to begin shortly thereafter."

The luxury development is located in a very desirable midtown-south neighborhood and upon completion will consist of spacious studios, one and two bedroom units.

The H. Thomas O'Hara designed building was designed to maximize views, both uptown and downtown by using floor to ceiling windows and roof top common areas.