Madison Realty Capital (MRC) closed a $21.4 million first mortgage loan collateralized by a 78,313 s/f Class-A commercial building located in the Bellerose neighborhood of Queens.
AB Capstone, a repeat borrower with MRC, will utilize the funds to refinance previous debt and support final leaseup and stabilization of the asset.
The newly-constructed building is approximately 70% leased to six office and retail tenants, and several additional leases currently in the final stages of negotiation will take the building to full stabilization.
“This was a great opportunity to finance a high-quality asset with an experienced sponsor and a substantial value proposition given the strong level of demand for retail and office use in the submarket,” said Josh Zegen, co-founder and managing principal of MRC.
The property is located at 251-73 Jericho Turnpike in Bellerose. Situated at the northwest intersection of Jericho Turnpike and Little Neck Parkway, the site has 190 feet of frontage along Jericho Turnpike and 53 feet along Little Neck Parkway.
There are multiple entrances for the various uses throughout the building, which include medical and traditional offices, health and fitness uses, and ground floor retail.
The borrower is currently completing the delivery of tenants’ spaces.