Madison Realty Capital provided $34 million of financing for the acquisition and renovation of 125 West 16th Street.
The mixed-use residential and retail building located in Chelsea has 40 residential units and two ground floor retail units.
The borrower needed immediate funding to close on the purchase, and MRC was able to deliver a customized financing solution for the time sensitive transaction.
The loan from MRC provides immediate acquisition funding of $29 million, followed by an additional $5 million for planned renovations.
The MRC loan is expected to see the property through renovation and stabilization. In addition to existing square footage, the property has approximately 20,000 s/f of air rights.
Josh Zegen, co-founder and managing principal of MRC, commented, “The borrower needed immediate funding in order to close the acquisition and support renovation plans.
“As an owner of several multifamily assets in Chelsea, we were able to get comfortable with the submarket extremely quickly.”