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MRC Lines Up 1st Mortgage on New Build in Bellerose
Madison Realty Capital (MRC) has closed a $21.4-million first mortgage loan collateralized by a 78,313-square-foot, mixed-use commercial building in eastern Queens’ Bellerose neighborhood. Borrower AB Capstone will utilize the funds to refinance previous debt and support final lease-up and stabilization of the asset.
The newly-constructed property at 251-73 Jericho Tpke. is approximately 70% leased to six office and retail tenants. Several additional leases are in the final stages of negotiation, and will take the building to full stabilization.
“This was a great opportunity to finance a high-quality asset with an experienced sponsor and a substantial value proposition, given the strong level of demand for retail and office use in the submarket,” said Josh Zegen, co-founder and managing principal of MRC.
Currently, AB Capstone is completing the delivery of tenants’ spaces, which include a mix of white box buildout and simple turnkey standards.
For comments, questions or concerns, please contact Paul Bubny
