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Madison Realty Capital Closes $33 Million Financing for 45 Park Place

Madison Realty Capital (MRC), an institutionally-backed real estate private equity firm focused on real estate equity and debt investments in the middle markets, announced the closing of $33 million in first mortgage financing for 45 Park Place, the luxury condominium tower currently under development by Soho Properties. Headed by Sharif El-Gamal, Soho Properties filed plans with the New York City Department of Buildings in May and expects to commence construction in 2015. The loan from MRC will be used to fund predevelopment and other costs associated with the as-of-right project, which totals approximately 120,000 gross square feet.

Josh Zegen, Co-Founder and Managing Principal of MRC, made the announcement. "We're pleased that MRC could provide financing to facilitate this exciting project," Zegen said. "Soho Properties has assembled a prime site, engaged great architects, and is creating adjacent cultural and green spaces that further enhance the location."

Designed by architect Michel Abboud of SOMA Architects, with Ismael Leyva Architects, 45 Park Place is a glass and steel tower that will soar 665 feet, offering unparalleled panoramic views from its location at the southern edge of the Tribeca Historic District. The tower will be neighbor to a museum and public green space designed by world renowned architect Jean Nouvel. Construction is expected to begin in 2015, with delivery of the tower in 2017. Tishman Construction will serve as construction manager.

"Madison Realty Capital preempted our market request and provided us with a customized financing solution perfectly tailored to the needs of our project," Mr. El-Gamal said. "In addition to lending, Madison has extensive New York City development experience which allowed their team to understand our vision for 45 Park Place and execute flawlessly."

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