Madison Realty Capital has provided a $55-million bridge loan to Charney Companies and Criterion Real Estate Capital for the acquisition and renovation of 99 Claremont Avenue, a student housing project in Morningside Heights.
McGiffert Hall is a historic 82-unit dormitory facility in the upper west side of New York City located next to Riverside Church. When completed, the property will become the second recently completed off-campus student housing project in the Morningside Heights submarket.
“We are pleased to provide flexible financing to a well-capitalized and highly experienced developer group to deliver a purpose-built luxury housing product that will serve college students in a historically supply-constrained market,” said Josh Zegen, managing principal and co-founder of Madison Realty Capital.
“The opportunity to restore a historic, irreplaceable 92-year-old building with all the beauty that 99 Claremont offers, while providing critically needed best-in-class student housing to NYC is a tremendous one,” said Sam Charney, principal of Charney Companies.
Morningside Heights, Manhattan is a captivating and culturally rich neighborhood located on the Upper West Side of Manhattan near Morningside Park. Situated on a high bluff overlooking the Hudson River, this vibrant community is home to several prestigious institutions, most notably Columbia University. With its academic atmosphere, historic charm, and cultural treasures, Morningside Heights offers a unique and enriching experience that draws students, scholars, and residents seeking intellectual and artistic inspiration.
Madison Communities is an affiliated company of Madison Capital Group, a vertically integrated real estate development and investment firm focused on building high-quality, suburban, garden-style apartment communities throughout the Southeast.
