Madison Realty Capital provided the debt
Ian Bruce Eichner’s Continuum Company has secured a $167.5 million condo inventory loan from Madison Realty Capital for 45 East 22nd Street. Sales at the struggling Flatiron condo project have finally started to pick up, according to TRD.
Be Smart: With this loan, the nasty legal fight between Eichner and his preferred-equity partners, Fortress Investment and Dune Real Estate Partners, comes to an end.
Worth Noting: Josh Zegen’s Madison Realty Capital invested $90 million into JDS + PMG + Spruce Capital’s 111 West 57th Street. That investment was in the form of a preferred equity stake.