Upper East Side Luxury Condos Secure $73M Construction Loan
Arrow Real Estate Advisors arranged $73,000,000 in construction financing from Madison Realty Capital for the ground-up development of 171 E. 86th St., an 18-story luxury condominium project on Manhattan’s Upper East Side. Founder and managing partner Morris Betesh, SVP Omar Ferreira and associate Jacob Petrovic negotiated the financing on behalf of Z.D. Jasper Realty.
“This was an important financing given the scale and timing of the project, and Madison Realty Capital quickly recognized both the strength of ZD Jasper’s track record and the exceptional positioning of 171 E. 86th St.,” said Betesh.
He continued, “The Upper East Side is one of the most attractive neighborhoods in Manhattan and all of New York City, which made the opportunity especially appealing. By aligning the right capital partner with a thoughtful structure, we delivered a financing solution that supports the sponsor through construction and positions the project for a successful sellout.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout