Madison Realty Capital (MRC), a US-based real estate private equity firm, has agreed to provide a $26m loan for a mixed-use development in Brooklyn, New York.
The funding will be utilised to refinance the current construction loan and offer bridge financing through the lease-up and stabilisation of the property.
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Planned to be built at 1520 Fulton Street in Brooklyn’s Bedford-Stuyvesant neighbourhood, the 73,519ft2 development will include 49 residential units.
Approximately 30% of these units will be affordable under the Affordable Housing NY Program.
Additionally, the development will also include 8,600ft2 of commercial space, which has been already given for lease to a charter school.
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MRC managing principal and co-founder Josh Zegen said: “We are pleased to partner with a well-capitalised borrower that delivered a high-quality project with all commercial space pre-leased to a local charter school. Our customised financing solution enabled the borrower to replace their existing loan with a new, permanent financing solution on more attractive terms.
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By GlobalData“Madison Realty Capital was able to work with the borrower to quickly underwrite the transaction and provide a flexible and competitive loan.
“Bedford-Stuyvesant is an increasingly popular neighbourhood with a strong demand for top-tier, affordable housing options and we are excited to support a project that will bring significant benefits to the neighbourhood.”
Recently, a joint venture (JV) between Harridge Development, Silverpeak Real Estate Partners and an affiliate of Cerberus Capital Management secured $110m loan for a new master-planned community in California, the US.
The JV partners acquired the 60 acres land on the Palos Verdes Peninsula in 2018 on which the new project, named The Estates at Ponte Vista will be built.
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Madison Realty Capital agrees to provide $26m loan for a mixed-use project in Brooklyn. Credit: Peter H from Pixabay.
