NEW YORK CITY—Madison Realty Capital has provided $34 million of financing for the acquisition and renovation of 125 W. 16th St., a mixed-use residential and retail building in the Chelsea neighborhood of Manhattan, comprised of 40 residential units and two ground floor retail units.
The loan from MRC provides immediate acquisition funding of $29 million, followed by an additional $5 million for planned renovations. The MRC loan is expected to see the property through renovation and stabilization. In addition to existing square footage, the property has approximately 20,000 square feet of air rights.
“Our lending business specializes in providing financing solutions tailored to the needs of our borrowers,” says Josh Zegen, co-founder and managing principal of MRC. “In this case the borrower needed immediate funding in order to close the acquisition and support renovation plans. As an owner of several multifamily assets in Chelsea, we were able to get comfortable with the submarket extremely quickly. This is an instance where our vertically-integrated real estate platform worked seamlessly and quickly to deliver for the borrower.”
The property is comprised of 39,504 square feet over six floors, and is located on the north side of West 16th street between 6th and 7th avenues. The Chelsea Gallery District and the High Line elevated park are nearby.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
