Madison Realty Capital (MRC), an institutionally backed investment firm and asset manager, has closed a $29 million first mortgage loan collateralized by two industrial properties located off the Queens Midtown Expressway and a mixed-use building in Lower Manhattan.
By providing the financing, MRC facilitated a time-sensitive transaction that will provide immediate liquidity for the borrower.
Josh Zegen, co-founder and managing member of MRC, commented, “The location of all three properties made this an attractive deal for Madison Realty Capital to finance and the borrowers we worked with valued our ability to close in a timely manner after the initial application.”
The two industrial properties are adjacent to each other and include a two-story building totaling approximately 75,447 s/f and another 95,963 s/f building.
The third property is a five-story, mixed-use building that totals 28,127 square feet. Located in a downtown Manhattan submarket, the property benefits from its current retail and office use, but has the potential to capitalize on the dramatically changing demands of the submarket through redevelopment.