Manhattan, NY Kriss Capital has closed on a construction loan for the 26 East 35th, a ground-up condominium development at the intersections of NoMad, Midtown South and Murray Hill.
A 30-month construction loan, totaling $205 million, comprised of a $180 million senior loan was provided by Kriss Capital and its Israeli partner Klirmark Capital. In addition, Corigin, a private New York-based real estate investment firm, provided a $25 million mezzanine loan.
The development will rise 18-stories and contain 137 residential condo units featuring all the amenities and modern unit finishes. The project has commenced and is projected to be completed by early 2027.
Ian Bruce Eichner, CEO of The Continuum Company, said, “We are thrilled to be a part of the transformation of NYC neighborhoods. We’ve seen Nomad become one of the most exciting and vibrant neighborhoods in Manhattan and inch northwards over the last decade since we started Madison Square Park Tower.”
The project is conceived to appeal to residents with work lives in Midtown and attracted to the cultural and social life attractions downtown.
The financing package was arranged by the New York-based IPA Capital Markets team consisting of Max Hulsh, Max Herzog, Marko Kazanjian and Andrew Cohen. A division of Marcus & Millichap, IPA Capital Markets specializes in capital markets services for major private and institutional clients.
“We greatly appreciate that Continuum and Max Herzog, Max Hulsh, Marko Kazanjian and their team at IPA Capital Markets entrusted us as its financing provider and we get to do our small part to help build housing much needed in NYC,” said Jody Kriss, founder and managing principal at Kriss Capital. “We’re also proud that the vast majority of the interest we earn will support the Israeli economy.”
“It was a pleasure working with the Kriss Capital team and Max Hulsh and the whole IPA Capital Markets team who were instrumental in getting this deal closed,” said Ian Bruce Eichner, CEO of The Continuum Company.
26 East 35th is located near key transportation links, shopping, and recreational areas, making it an ideal choice for residents seeking a modern urban lifestyle.
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