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Madison Realty Capital 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 under way and is expected to be completed by the fourth quarter 2027.