Madison Realty Capital Lends $55M on Morningside Heights Student Housing Project
Commercial Observer reported that a joint venture between Charney Companies and Criterion Real Estate Capital has secured $55 million of acquisition financing from Madison Realty Capital to purchase and redevelop a Morningside Heights dorm facility adjacent to a church and convert it into luxury student housing.
McGiffert Hall is a historic 82-unit dormitory facility located at 99 Claremont Avenue next to Riverside Church, and when completed, the property will become the second recently completed off-campus student housing project in the Morningside Heights submarket.
“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 New York City is a tremendous one,” Sam Charney, principal of Charney Companies, said in a statement.
