Interaudi Bank Provides $35M Construction Loan for UES Luxury Condo Building
Former Mayor Michael Bloomberg lives just down the block
By Cathy Cunningham May 18, 2018 2:58 pm
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Interaudi Bank has provided $35 million in construction financing for Adellco’s 15-story luxury condominium project at 27 East 79th Street, Commercial Observer has learned.
Meridian Capital Group’s Tal Bar-Or and Richard Sutton negotiated the two-year loan with Interaudi—formerly known as Bank Audi USA—which features interest-only payments, a prime-based floating rate, and a one-year extension option.
“We are pleased to have worked with Adellco in bringing this project to fruition,” Bar-Or said in prepared remarks. “The financing was complex but ultimately the vision and professionalism of the sponsor led to a financing solution.”
When complete, the HTO Architect-designed property, located between Madison and Fifth Avenues, will be the first condominium building on the block. It will include eight two- to five-bedroom apartments, including a duplex townhouse and a triplex penthouse, as well as 1,500 square feet of retail space at the ground level. Cabinet Alberto Pinto is the building’s interior designer.
Residents will be able to count former Mayor Michael Bloomberg among their neighbors. He lives three doors down at 17 East 79th Street, should they run out of milk or sugar.
Officials at Interaudi Bank and Adellco could not immediately be reached for comment.
