Madison Realty Capital (MRC) closed a $55 million first mortgage loan collateralized by a mixed-use development site at 948 Myrtle Avenue in the Bedford Stuyvesant neighborhood of Brooklyn. The loan MRC is providing will complete construction and refinance the existing debt as well as cover any additional costs associated with the transaction.
Developer, the Rabsky Group, plans to construct an interconnected three-building, 214,487 s/f mixed-use project on the site that will incorporate both rental and condominium units, ground floor retail and parking. MRC previously provided a $15 million bridge loan to the borrower for the project in late 2017.
“This opportunity came to MRC because of our existing relationship with the borrower and their confidence in our ability to rapidly and successfully execute our lending transactions,” said Josh Zegen, Co-Founder and Managing Principal of MRC.
Rabsky acquired the site in December 2014 and has now completed all demolition, site excavation and foundation work at the three adjacent sites located at 936 Myrtle Avenue, 948 Myrtle Avenue, and 258-264 Throop Avenue, creating a 30,000- s/f lot with 500 feet of frontage along three sides.
The first two new buildings will rise nine stories and have 77 condos across 118,746 s/f in addition to a 20,300 s/f ground-floor retail condo and 59 parking spaces. The five-story third building will contain 24 affordable rentals, regulated under HPD’s housing inclusionary program.