Madison Realty Capital has provided a $55-million bridge loan to Charney Companies and Criterion Real Estate Capital for the acquisition and renovation of 99 Claremont Avenue, a student housing project in Morningside Heights. The developer group plans to renovate the 92-year-old, 7-story property into luxury student housing for nearby colleges and universities.  

“We are pleased to provide flexible financing to a well-capitalized and highly experienced developer group to deliver a purpose-built luxury housing product that will serve college students in a historically supply-constrained market,” said Josh Zegen, managing principal and co-founder of Madison Realty Capital. 

“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 NYC is a tremendous one,” said Sam Charney, principal of Charney Companies. 

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