Ceruzzi Properties has secured a $300m construction loan from US-based Madison Realty Capital (MRC) to complete a mixed-use development in Manhattan, New York.
The loan will be used for the Ceruzzi Properties’ Luxury Condo Development, which is jointly constructed by Ceruzzi and SMI USA (SMI).
The 72-storey residential and retail tower, designed by Pelli Clarke Pelli Architects, will feature 124 luxury residential condominium units, 7,500 sq ft of retail space at and below grade and a 25-space parking garage.
Additionally, the building will house luxury amenities such as an indoor pool and spa, fitness centre, and shared work areas.
Ceruzzi Properties will provide a mix of efficient one- to five-bedroom units, ranging from 777 sq ft to 5,388 sq ft, for a total of nearly 200,000 sellable square feet.
SLCE Architects is the architect of record while AECOM Tishman is serving as the general contractor.
Construction is in progressing rapidly at the site and the condominiums are scheduled for completion in late 2018.
Ceruzzi Properties founder and president Lou Ceruzzi said: “Madison Realty Capital was a pleasure to complete this transaction with. The execution of the deal was smooth, efficient, and seamless. We are looking forward to our continued relationship with MRC and additional transactions as we keep an eye toward the future.”