$15M in Bridge Financing for 948 Myrtle Ave.

The Rabsky Group borrowed $15 million in bridge financing to help pay to develop 948 Myrtle Ave., a planned residential project in Brooklyn, incorporating both rental and condominium units into three interconnected buildings with ground floor retail.

“The borrower presented us the opportunity based on our successful previous relationship and our ability to close in a four-day window,” said Josh Zegen, co-founder and managing principal of Madison Realty Capital.

The zoning of the site will allow “as-of-right” of 154,699 square feet of space in three buildings at 936 Myrtle Ave., 948 Myrtle Ave., and 258-264 Throop Ave. Site excavation work is substantially complete, and the borrower is moving forward with foundation work while pursuing approval for additional floor area ratio through the Inclusionary Housing and Food Retail Expansion to Support Health (FRESH) programs.

For comments, questions or concerns, please contact our New York commercial real estate editor Bendix Anderson