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$50M First Mortgage Will Bring Condo Project to Completion
Madison Realty Capital (MRC) has provided a $50-million first mortgage loan on a development project in Brooklyn’s Broadway Triangle neighborhood. The development includes a residential condominium project that’s nearly 80% finished, a completed office building and a vacant development site.
The sponsor is an experienced local developer and repeat MRC borrower who first acquired the property in December 2016. The time-of-the essence financing will be used to retire the existing debt on the development and complete construction of the condo project.
“MRC’s lending expertise and familiarity with the specific needs of this repeat borrower allowed us to design a customized funding package within a compact timeframe,” said MRC’s Josh Zegen. “The development’s structurally-complete buildings and limited cost/schedule overrun risk made this an even more attractive project for us to finance.”
A fourth-quarter completion is expected for construction on the condo development at 58 Gerry St. and 25 Bartlett St.
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