Madison Realty Capital (MRC), an institutionally backed commercial real estate investment firm and asset manager, announced the completion of four separate financing transactions for properties throughout Brooklyn.
The transactions totaled $18.35 million and included a $5 million Loan for 345 Ovington Avenue Condominium, a five-story 24,323 s/f newly constructed building. The loan will be used to retire the existing mortgage, fund closing costs, and for use on another project. The property is roughly 95% complete and consists of one, two, and three bedroom apartments. The developer has already executed 24 sale agreements and units are expected to begin closing soon.
MRC also iriginated a $4.10 million loan for a new Quentin Road office building. That loan will be used to fund the deposit on a discounted payoff for another land asset and to fund closing costs for the transaction. The property was completed in 2013 and is currently vacant, but leases for over 20,000 square-feet of the rentable area have already been executed with three tenants.
Joshua Zegen, co-founder and managing member of MRC, commented, “These recent transactions underscore our continued interest and strong activity throughout the Brooklyn market. Our reputation as a reliable financing provider that brings a certainty of execution to every deal remains intact, as evidenced by the fact that we have worked with many of these same borrowers on previous transactions.”