NEW YORK—Joseph Merrill Capital (JMC) has structured a $26 millionloan for a condo conversion of the Whitman Building located at 21 East 26th Street on Madison Square Park in New York City.
The construction loan will allow the developer to convert the asset into three full-floor, 5,000-plus-sq.-ft. residences and one 6,250-sq.-ft. duplex penthouse. The ground floor commercial unit will total approximately 6,100 sq. ft. Mitchell Holdings will reposition the property.
The JMC CapitalTeam acts as a conduit to more than 300 life insurance, pension fund, commercial and regional lenders. Terms of the loan programs include full nonrecourse term provisions, competitive pricing and interest-only provisions for transactions with strong merits.