Churchill Scores $40M Acquisition Loan for Madison Ave Mixed-Use Property
By Cathy Cunningham August 21, 2019 4:45 pmreprints
Churchill Real Estate has scored $40 million in financing for its acquisition of 809 Madison Avenue, a mixed-use property that comprises 32 apartments and 2,700 square feet of retail space, Commercial Observer has learned.
Keysite Capital Partners provided the five-year loan along with a $5 million earn-out facility, sources said. The debt features a fixed rate and full-term, interest-only payments.
Meridian Capital Group’s Ronnie Levine and Thomas Wayda arranged the financing. Meridian officials declined to comment on the lender’s identity.
“It was a pleasure working with the Churchill team on this financing,” Levine said in prepared remarks. “We were able to secure a fixed-rate balance sheet loan that enables them to execute their business plan and maximize the value of the asset.”
The 11-story, 38,000-square-foot asset is located within walking distance to Central Park, The Metropolitan Museum of Art and the Guggenheim Museum.
The Real Deal reported in June that Churchill was in contract to buy 809 Madison Ave from the Parkoff Organization for $55 million and seeking $40 million in financing for the acquisition. Churchill was simultaneously nearing a $16 million deal for 57 Jay Street in Dumbo, Brooklyn, as TRD reported.
Officials at Churchill and Keysite did not immediately return requests for comment.