Arrow Real Estate Advisors has successfully arranged $73 million in construction financing for the development of a new luxury condominium tower at 171 East 86th Street on Manhattan’s Upper East Side. The financing was secured from Madison Realty Capital for the ground-up development of the 18-story residential project.
The deal was negotiated on behalf of Z.D. Jasper Realty by Arrow Real Estate Advisors’ team, including founder and managing partner Morris Betesh, Senior Vice President Omar Ferreira, and Associate Jacob Petrovic.
“This was an important financing given the scale and timing of the project, and Madison Realty Capital quickly recognized both the strength of Z.D. Jasper’s track record and the exceptional positioning of 171 East 86th Street,” said Betesh.
He added, “The Upper East Side is one of the most attractive neighborhoods in Manhattan and all of New York City, which made the opportunity especially appealing. By aligning the right capital partner with a thoughtful structure, we delivered a financing solution that supports the sponsor through construction and positions the project for a successful sellout.”
The new development is expected to contribute to the ongoing residential transformation of the Upper East Side, offering high-end living in one of the city’s most desirable neighborhoods.
