Madison Realty Capital (MRC) provided a $30 million first mortgage loan collateralized by a mixed-use development site at 135-35 Northern Boulevard in Flushing, Queens.
The financing allows Xinyuan Real Estate (XIN) to proceed with its plans to build a 17-story, mixed-use building at the site, where the former RKO Keith’s Theater currently sits vacant.
“This well-capitalized sponsor has done a fantastic job assembling and planning this shovel-ready site and the deal was particularly attractive at a less than $100 per square foot loan basis and less than 50 percent of cost,” said Josh Zegen, co-founder and managing principal of MRC.
The roughly 42,000 s/f development site allows for a total zoning floor area well over 300,000 s/f. The borrower plans to complete the demolition of the existing two-story structure surrounding the theater by February 2020 and start construction thereafter. In addition to 269 condos, the property will feature 17,000 s/f of retail, community space and 305 parking spaces.