Madison Realty Capital closed a $37.5 million first mortgage loan collateralized by a mixed-use development site and two adjacent commercial buildings located in the Ridgewood neighborhood of Queens.
MRC’s team delivered the financing solution to the borrower AB Capstone, an experienced developer that has completed over 1.5 million square feet of ground up development and value-add projects, within seven days.
Loan proceeds were used to buy out an existing partner, complete the acquisition of the two commercial properties, pay off previous financing on the development site, and fund construction of the new building’s foundation.
Josh Zegen, Co-Founder and Managing Principal of MRC, commented, “This is a great example of our ability to rapidly evaluate and underwrite a deal with many moving parts, and we’re pleased to provide financing toward the development of a mixed-use retail, residential, and office project by an experienced, high-quality sponsor. We believe the completed property will be unparalleled in its market.”
The development site is located along Myrtle Avenue, St Nicholas Avenue, and Palmetto Street in Ridgewood.
Approved plans provide for a 17-story, 234,623 s/f mixed-use building containing 129 residential units, 90,000 s/f of commercial space, 3,300 s/f of community facility space, and 352 parking spaces.