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$18M Loan Buys Greenpoint Value-Add
An investor received $18 million in permanent financing to buy a set of eight properties in the Greenpoint neighborhood of Brooklyn.
“Greenpoint has attracted the attention of institutional and mid-market investors alike with its incredible waterfront, growing base of retail and recreational amenities, and classic New York neighborhood feel,” said Josh Zegen, co-founder and managing principal of Madison Realty Capital (MRC).
The undisclosed investor contributed $11 million of cash equity to complete the $29 million acquisition of the 64,000-square-foot portfolio, which includes 73 market-rate apartments and 14 commercial units.
“The properties should be well-positioned to compete for renters priced out of more expensive areas of Greenpoint and nearby neighborhoods like Williamsburg and Long Island City,” according to MRC.
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