Deutsche Bank provided the condo inventory loan
CBSK Ironstate (CB Developers + SK Development Group + Ironstate Development) has secured a $102.8 million condo inventory loan from Deutsche Bank for 591 Third Avenue. The Murray Hill residential condo has a projected sellout of about $143 million.
Flashback: The partnership paid $25 million for the development site in 2014, according to public records cited by TRD.
Be Smart: Signs of a slowing condo market… Ian Bruce Eichner’s Continuum Company recently secured a $167.5 million condo inventory loan from Madison Realty Capital for 45 East 22nd Street. Tessler Development also secured $94.5 million loan from Deutsche Bank to refinance the unsold units at 172 Madison Avenue.