Ceruzzi Properties secures $350m loan for NYC luxury tower

Ceruzzi Properties has secured the next phase of financing at The Centrale, the luxury residential condominium tower at 138 East 50th Street in the Midtown East neighborhood of Manhattan.

Meritz provided Ceruzzi with a $350 million inventory loan collateralized by the luxury residential tower, which pays off a previous $300 million construction loan Madison Realty Capital provided to Ceruzzi in 2017. The new financing marks the first Korean inventory loan in New York City.

“We are pleased with the seamless execution of this latest financing between all parties involved,” said Arthur Hooper, Ceruzzi president. “In addition, we are very appreciative of the original construction loan that Madison Realty Capital provided on the property, which allowed us to complete this remarkable asset within the original timeline.”

The 803-foot, 63-floor tower features 124 luxury residential condominium units, 7,645 square feet of retail space at and below grad