[ad_1]
Adellco has secured $21.5 million of financing for its conversion of a former hotel in Manhattan’s Upper East Side into condominiums, Commercial Observer can first report.
Lancewood Capital supplied the condo inventory loan for the newly developed condo building at 1295 Madison Avenue, which formerly housed Hotel Wales before it closed in 2020. The deal gives the developer additional time to market the units and lower debt service costs, according to Matt Schatzle, vice president at Lancewood Capital, who led the transaction along with Justin Godner.
“This is a beautiful and well-built property that the market has absorbed well, as represented by the sponsor’s successful recent sales,” Schatzle said. “We were able to provide near-bank capital quickly and efficiently.”
Lantern Real Estate‘s Tal Bar-or and David Strongwater arranged the financing.
Adellco acquired the hotel property that overlooks Central Park on the corner of East 92nd Street and Madison Avenue in 2018 for $56 million, 6sqft reported at the time.
It later filed plans to convert the hotel in Manhattan’s Carnegie Hill neighborhood into 21 condos, which the Landmarks Preservation Commission granted in spring 2021.
G4 Capital Partners previously provided a $95 million refinance loan to Adellco for the hotel-to-condos conversion project in July 2022, according to The Real Deal.
Officials at Adellco did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
[ad_2]
Source link
