Ceruzzi lands condo inventory loan at 138 East 50th Street
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New York / Staff
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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.