Madison Realty Capital provided the debt
Levi Balkany’s Happy Living Development has secured a $138 million construction loan from Madison Realty Capital for its condo project at 300 West 122nd Street, according to the CO. Upon completion, the West Harlem building will span 211,893 square feet, and consist of 155 residential condo units. It will also include a ground-floor retail component, which will be occupied by a Fresh Food grocery store.
Worth Noting: Enhanced Capital provided a mezzanine loan, which was secured by brownfield tax credits. The site is located at the corner of Saint Nicholas Avenue, and construction is expected to wrap up by the end of 2020.
Flashback: The developer paid Ari Shalam’s RWN Real Estate Partners nearly $70 million for the site in 2017. The contract gave Happy Living one year to close on the deal, which helped defray carrying costs.