Madison Realty Capital originates $480m loan for office-to-residential conversion in Midtown Manhattan
Summary
Madison Realty Capital provided a $480 million loan to finance the conversion of 1740 Broadway in Midtown Manhattan from office space into a 420-unit luxury residential project. The development will replace a 523,051-square-foot office tower with a mix of multifamily rental and condominium units. Ackman-Ziff arranged the financing for Yellowstone Real Estate Investments. The project is expected to finish in the third quarter of 2029.
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