Madison Realty Capital (MRC) provided $81 million of financing for 55 Wythe Avenue in Williamsburg, Brooklyn.
The developers are currently building a 260,000 s/f mixed-use property that will include 183 guestrooms, retail space and five stories of commercial office space.
After MRC provided the initial acquisition financing of $18.35 million in May 2014, the firm was able to craft a financing solution that will enable the sponsor to complete the project.
55 Wythe Avenue will be a 22-story tower located one block north of the Wythe Hotel, on Wythe Avenue between North 12th Street and North 13th Street.
The development will create 40,000 s/f of retail space with a public rooftop garden on top.
The office component will be located in the lower portion of the building and will target creative and technology oriented firms.
The Level Hotel will be located in the upper portion of the building with 183 guestrooms, a banquet hall and pool deck.
Josh Zegen, co-founder and managing principal of MRC, said, “The sponsor has been able to make significant progress since we closed our initial acquisition loan by substantially completing all foundation work and building the one-story retail component of the project. We look forward to watching this successful project as the neighborhood continues to transform.”
Andy Nemeroff and Michael Nemeroff of Imperial Capital Company, and Joel Friedman of Nationwide Realty, represented the borrower in the transaction.