EverWest Real Estate Partners, along with one of its investment partners, is pleased to announce the closing of a mezzanine loan supporting the refinancing of an upscale single-tenant retail property located along Madison Avenue in NYC, just north of what's known as the Gold Coast and one of the highest-end shopping areas in the world. The area boasts very low vacancy and strong demand.
The 5-story retail building was originally built in 1910 and is currently undergoing a renovation by the Sponsor, Joseph Sitt, who is the President and CEO of Thor Equities, LLC. Thor is a leader in urban real estate development/redevelopment, leasing and management, pursuing premier retail and mixed-use assets in high-density areas.
The Property is leased to prestigious French designer company, Roland Mouret, for a 10 year term. Roland Mouret has a new and highly anticipated line of women's clothing with international recognition. The location will serve as the designer's U.S. flagship retail location.
Joe Chickey, Director, comments, "We are excited to have the opportunity to be a part of this asset. We believe the location on Madison Avenue on the upper East Side, coupled with the strength of the Thor-Sitt sponsorship provides a great site for Roland Mouret to launch its U.S. flagship platform...and an attractive investment for all parties."