Madison Realty Capital (MRC) has provided a $52 million first mortgage loan for the acquisition of a development site in the East Village and construction of an approved 76,259 s/f mixed use development on the site.
Opal Holdings purchased the site of the former R&S Strauss auto shop – across the street from Stuyvesant Town at 644 East 14th – in July.
It plans to build a 50-unit apartment building with 8,064 s/f of retail space offering 200 feet of frontage on 14th Street and Avenue C. The development will also include 21,575 s/f of community facility space, according to Josh Zegen, managing principal for MRC.
The investor said Opal Holdings is currently finalizing a lease with “a major New York hospital” to occupy the entire community facility portion of the new building.
A press release from MRC noted that the residential units will offer contemporary finishes and large balconies with East River views.
The loan proceeds helped the borrower close on the site acquisition, and will also fund further pre-development activities and construction of the building, according to Zegen.
“This is an exciting opportunity to provide a full financing package for a shovel-ready development in an outstanding Manhattan neighborhood,” Zegen said.
Shaya Prager, a principal of Opal Holdings, did not immediately respond to an email requesting comment.
