S-G arranges $80m for Madison's Broadway buy.
Barclays Capital Real Estate provided the unsecured loan and the equity investment was provided by Fortress Investment Group.
Located at the base of 15 Central Park West, the retail development at 1880 Broadway will comprise four floors, including two below grade, with 18-foot minimum ceiling heights. It will span the entire block front on Broadway between West 61st and West 62nd Streets and is the largest modern retail condominium currently under construction in New York City.
"The size, location and efficiency of the property are expected to attract many major local and national retailers who are seeking a presence in the highly-trafficked and sought after West Side retail market," notes Richard Wagman, principal of Madison Capital.
When completed, the asset will offer a pedestrian friendly experience capturing consumers between Lincoln Center and Columbus Circle.
"The truly irreplaceable location of the 1880 Broadway Retail Condominium, strong sponsorship and exceptional risk-adjusted returns made this a highly sought after investment in both the debt and equity markets," adds Steve Kohn, president of Sonnenblick-Goldman.
15 Central Park West is a super-luxury residential condominium currently under construction and is being developed by Zeckendorf Development, LLC.
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|Title Annotation:||Sonnenblick-Goldman; Madison Capital Partners Corp.|
|Publication:||Real Estate Weekly|
|Article Type:||Brief article|
|Date:||Apr 26, 2006|
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