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MRC Closes on First Mortgage for Bed-Stuy MXU
Connect Apartments is coming up on June 26th in Los Angeles. Here’s a link to find out more about the conference and to register.
Madison Realty Capital has closed on a $55-million first mortgage loan collateralized by a mixed-use development site in the Bedford-Stuyvesant section of Brooklyn. The developer, a repeat borrower with MRC, is planning an interconnected three-building complex at 948 Myrtle Ave. that will incorporate both rental and condominium units, ground floor retail and parking.
The loan MRC is providing will complete construction and refinance the existing debt, as well as cover any additional costs associated with the transaction. MRC previously provided a $15-million bridge loan to the borrower for the project in late 2017.
“This opportunity came to MRC because of our existing relationship with the borrower and their confidence in our ability to rapidly and successfully execute our lending transactions,” said Josh Zegen, managing principal at MRC. He added that the 948 Myrtle development “will bring much needed new residential and retail offerings to the Bedford Stuyvesant neighborhood.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
