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Joy Construction, MADDD Equities JV Secures $86M Loan for The Lewis

HFF Arranges Funds to Refinance Construction Loan for Hudson Yards-Area Apartment Complex
April 3, 2018
Joy Construction Corporation and Maddd Equities have successfully refinanced the construction loan for The Lewis, the pair's luxury apartment project in the Hudson Yards neighborhood of Manhattan. The multifamily development was done in conjunction with the family of Lewis Katz, after whom the property is named.

HFF's Steven Klein, Andrew Scandalios, Geoff Goldstein and Rory Shepherd arranged $86 million in financing on behalf of the borrowers, placing the floating-rate loan with KKR Real Estate Finance Trust.

Located at 411 W. 35th St., The Lewis carries 186 units in a mix of studios, one- and two-bedroom units. The building has just come online and is in active lease-up, according to HFF. The 12-story, 4-Star multifamily building totals 191,702 square feet.

Residents will find oak flooring, in-unit washers and dryers, double-pane windows, Italian cabinetry, glass showers and soaking tubs in all of the units. Some apartments have terraces. Common amenities at the full-service community include a fitness center, resident lounge, ground-floor and rooftop terraces and concierge.

JLL will handle primary leasing there, with Wavecrest Management handling management at the new property. Aufgang + Subotovsky Architecture and Planning in Suffern, NY was the architect on the project.

"The product speaks to our longstanding commitment and track record of developing high-quality, sensible priced multifamily assets, and we hope it serves as a tribute to the late Lewis Katz, our friend and partner. We were very fortunate to have Lewis’ son, Drew Katz, as a part of our development partnership," said Eli Weiss, principal of West 35th SBXLVI LLC, the entity under which The Lewis is held.

Diana Bell, New York City Market Reporter  CoStar Group   
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