Jorge Madruga’s Maddd Equities and Eli Weiss’ Joy Construction Corporation refinanced their luxury multifamily building in Hudson Yards.
Credit and investment firm Värde Partners provided the owners of The Lewis at 411 West 35th Street with a $96.5 million loan, the Commercial Observer reported. A Newmark team, including Jordan Roeschlaub, Nick Scribani and Adam Doneger, arranged the financing.
Maddd and Joy purchased the parking lot on the site for $26 million in 2012 before spending another $90 million on the development, which they co-own with Drew Katz. The property was named after Lewis Katz, the late philanthropist and Philadelphia Inquirer co-owner who owned the lot; he was also Drew’s father.
In 2014, Wells Fargo provided a total of $79.4 million in financing for the development. KKR provided $86 million to refinance the property in 2018, shortly after it opened to residents.
The 124,000-square-foot building features 186 units, ranging from studios to two-bedroom units. Studios at the building go for $3,495 to $4,492 a month; one-bedroom units charge $5,107 to $5,848 a month; and two-bedroom units rent for $7,781, according to StreetEasy.
Amenities at the property include a fitness center, outdoor terraces and residence lounges on each floor. The building also has 27,000 square feet of retail space on the ground floor, occupied by three tenants.
At the start of the year, the city’s Economic Development Corporation tapped Maddd Equities and Joy Construction — frequent partners — to develop the 570,000-square-foot Kingsbridge Armory site in the Bronx. They were tasked with creating a 13,000-seat event venue with community space, a recreation center, an educational facility and culture and commercial spaces.
The Northwest Bronx Community & Clergy Coalition recently announced a deal that the nonprofit would own a portion of the landmark redevelopment.
— Holden Walter-Warner
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