Condo inventory loan
Tessler Development’s Yitzchak Tessler has secured $94.5 million from Deutsche Bank to refinance the unsold units at its newly built condo building at 172 Madison Avenue. Sales at the Midtown South project have struggled as 32 of the 72 units were still unsold this past March, according to the CO.
Financing Breakdown: The new mortgage replaces previous construction financing as well as an $164.3 million condo inventory loan provided by Deutsche and TPG. It also includes a new gap mortgage.
Worth Noting: The Midtown South condo project is located between East 33rd and East 34th Streets.