Real estate private equity firm Madison Realty Capital (MRC) has provided $106m construction financing to a partnership between Arch Companies and AB Capstone for development of a mixed use project in New York City.
The loan will used for the ground-up development of Myrtle Point, a 17-story, 284,000ft2 mixed-use building at 3-50 St. Nicholas Avenue, along the border of Bushwick, Brooklyn and Ridgewood, Queens.
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Once built, Myrtle Point will provide 130,000ft2 of commercial retail space, which will be leased to two big box credit retailers. It will also feature 133 residential units, with 30% being affordable.
Myrtle Point has been designed by S9 Architecture and will have direct access to the MTA Subway via the M and the L Trains, as well as the Ridgewood Intermodal Bus Terminal.
Spread across an acre of land, the project will consist of a four-story commercial base and topped by a 13-story residential tower.
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Madison Realty Capital managing principal and co-founder Josh Zegen said: “We are pleased to provide a $106 million loan to an experienced sponsorship team, whom we know well, while contributing to the growth of this vibrant neighbourhood.
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By GlobalData“We are excited about this project on the Bushwick and Ridgewood border given its accessibility to public transportation options and high quality retailers. The transaction represents our ability to leverage our familiarity with the needs of our repeat borrowers to efficiently create customized financing solutions.”
Arch Companies managing partner and co-founder Jeffrey Simpson said: “Arch brings a holistic, hands-on and vertically integrated approach to development projects that will deliver value to both the community and our investors.
“Arch is a firm believer in New York, especially burgeoning outer boroughs neighborhoods like Ridgewood. Ridgewood is an exciting, dynamic neighborhood that has seen an influx of new residents in recent years and is primed for growth as a natural extension of the highly active Williamsburg and Bushwick markets.”
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Myrtle Point will be a 17-story, 284,000ft2 mixed-use building at 3-50 St. Nicholas Avenue. (Credit: Madison Realty Capital (MRC)
