NEW YORK CITY—The partnership of Ceruzzi Properties and SMI (Shanghai Municipal Investment) USA has closed on a $300-million construction loan provided by Madison Realty Capital for its luxury condominium tower project under construction on East 50th Street here.
The financing will fund the ongoing construction of the 72-story tower at 138 E. 50th St. that when completed will feature 124 luxury residential condominium units, 7,500 square feet of retail space at and below grade, and a 25-space parking garage.
Construction is progressing rapidly at the site and the concrete superstructure has already reached the 40th floor, according to Madison Realty Capital. Top-out is expected sometime this November and the condominiums are scheduled to be completed in late 2018. Pelli Clarke Pelli Architects designed the façade, and SLCE is the architect of record on the project. AECOM / Tishman Construction serves as the general contractor.
The Midtown East development will offer a mix of one- to five-bedroom units, ranging from 777 square feet to 5,388 square feet, for a total of approximately 200,000 sellable square feet. Interior design by Champalimaud will be one element of the property’s overall high-end luxury environment. The building will include luxury amenities such as an indoor pool and spa, fitness center and shared work areas.
The transaction is one of a number of financing deals closed this year on Ceruzzi projects. In April, New York City-based Ceruzzi Holdings and partner Kuafu secured a $290-million construction loan for its luxury mixed-use development at 151 E.86th St. in a deal arranged by Holliday Fenoglio Fowler and financed by a foreign capital source.
Last month, the Ceruzzi Properties-SMI USA partnership secured $200 million in pre-development financing for its 71-story luxury condominium tower at 520 Fifth Ave. That deal, also arranged by Holliday Fenoglio Fowler, involved floating rate financing from Mack Real Estate Capital Strategies, L.P. for the project that will also include a 175,000-square-foot five-star luxury hotel and 33,000 square feet of retail space. A groundbreaking for the venture is scheduled in 2018.
Recently Ceruzzi Holdings and SMI acquired a majority position involving land beneath the Lipstick Building at 855 Third Ave. The $272-million first mortgage financing deal for the ground lease position at the Lipstick Building, a 635,000-square-foot office tower in Midtown Manhattan, was arranged by Holliday Fenoglio Fowler and financed by Credit Suisse through its U.S. subsidiary Column Financial, Inc.