Madison Realty Capital Originates $720 Million Loan for Office-to-Residential Conversion of Former Pfizer Headquarters

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[{"type":"image","alt":"Madison Realty Capital","displaySize":"","headline":null,"caption":"Madison Realty Capital","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":15,"url":"https://media.zenfs.com/en/globenewswire.com/13d8f2ae2051fd5dc549399bae420a39"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/m3tkk.QeAl6XsmILsg1okg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTIxO2NmPXdlYnA-/https://media.zenfs.com/en/globenewswire.com/13d8f2ae2051fd5dc549399bae420a39","width":300,"height":15}},"lazy":false},{"type":"text","content":"Largest Financing Ever Secured for an Office-to-Residential Conversion in New York City","length":87,"tagName":"p"},{"type":"text","content":"NEW YORK, May 26, 2025 (GLOBE NEWSWIRE) -- Madison Realty Capital, a vertically integrated real estate private equity firm focused on real estate private credit, today announced that it has originated a $720 million loan to a joint-venture between Metro Loft Developers and David Werner Real Estate Investments for the development and conversion of the former Pfizer headquarters consisting of two adjacent and connected office buildings. Located at 219 and 235 East 42nd Street in the Midtown East neighborhood of Manhattan, the property will be converted into a 1,602-unit state-of-the-art multifamily building. Construction of the property is currently underway and is expected to be completed by the fourth quarter of 2027.","length":727,"tagName":"p"},{"type":"text","content":""By structuring flexible financing for the largest office-to-residential conversion in New York City's history, we are enabling a new benchmark for luxury rental housing in Midtown Manhattan,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “Metro Loft’s track record executing complex office-to-residential conversions in New York City, combined with David Werner Real Estate Investments’ deep experience with high-profile, institutional assets, makes them an ideal sponsorship team for a project of this scale.","length":551,"tagName":"p"},{"type":"text","content":"Nathan Berman, Founder and Chief Executive Officer of Metro Loft, added, “We’re thrilled to reach this major milestone in bringing our vision for this transformative development to life. We are grateful to our partners at David Werner Real Estate Investments and to our lenders at Madison Realty Capital ...

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