Madison Realty Capital (MRC) has provided a $50 million first mortgage loan collateralized by a development project across 58 and 66 Gerry Street and coupled with an existing office building and additional development site at 25 and 33 Bartlett Street in the Broadway Triangle neighborhood of Brooklyn.
The development, situated on a 30,037 s/f lot, includes a nearly eighty percent complete condominium project comprised of two adjacent seven-story buildings and ground-floor retail, a completed 7,470 s/f office building, and a vacant residential development site.
According to TRD, Abraham Brach and Parkview Management are building the mixed-use apartment building at the Pfizer warehouse site on Gerry Street
MRC said the new financing will be used to retire the existing debt on the development, complete construction of the condominium project, and cover all costs associated with the transaction.
Upon completion, the condo development located at 58 Gerry Street and 25 Bartlett Street will include 41 residential units totaling 80,117 s/f, 12,625 s/f of retail space across the ground and cellar levels, and 21 parking spaces.
The property also features a 10,000 s/f vacant lot directly north of the completed office building at 66 Gerry Street, offering the potential for an additional affordable housing project.
Josh Zegen, co-founder of MRC, said, “MRC was able to capitalize on the opportunity to originate a loan for a well-located, high-quality condo development with additional liquid assets including a boutique office building and buildable lot, as well as a healthy last dollar exposure. ”