Madison Realty Capital (MRC) provided a $76-million financing package to fund the acquisition of a 12-story, 177,966-square-foot mixed-use building at 85 Flatbush Ave. in Downtown Brooklyn. The package included both an MRC senior loan and additional mezzanine financing from Bluestone Group.

The recently-constructed property sits within walking distance of several popular attractions, including the Barclays Center. It includes the boutique Tillary hotel featuring 176 rooms as well as a ballroom, restaurant, a bar/lounge and an attached 64-unit luxury multifamily building.

The time-of-the-essence loan allowed this repeat MRC borrower, a partnership of experienced regional developers Isaac Hager and Lipa Rubin, to complete the acquisition and cover all closing costs associated with the transaction.

“We are pleased to provide the necessary funding for this well-positioned asset that benefits from the neighborhood’s increased residential and commercial development and continued demand for professional services throughout the area,” said MRC managing principal Josh Zegen.

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