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Ceruzzi lands condo inventory loan at 138 East 50th Street

138 East 50th Street (Credit: Ceruzzi Properties)

Ceruzzi Properties and SMI USA have secured a $350 million condo inventory loan from Meritz Securities to refinance 138 East 50th Street. The developer wrapped up construction on the 63-story, 254,000-square-foot residential tower last year, CO noted.

  • Sluggish condo market is the real story… The Midtown East tower is located between Lexington and Third Avenues, and features 124 condo units, plus a small retail component (8,600 SF)
  • Financing details: The new loan retires $300 million in previous construction debt provided by Madison Realty Capital in 2017.
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