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MRC Closes on First Mortgage for MXU in Jamaica
Madison Realty Capital has closed a $35-million first mortgage loan collateralized by a mixed-use development site at 90-75 Sutphin Blvd. in the Jamaica section of Queens. The borrower, an experienced Queens-based developer, plans to expand the vacant property into a new 19-story, 206,197-square-foot development with hotel, office and retail space.
The borrower purchased the property in 2015; construction of the new development is expected to take 24 months. Loan proceeds will be used to refinance existing debt, fund an interest reserve and cover costs.
“With significant rezoning, infrastructure improvements and economic initiatives well underway, Jamaica is undergoing a revitalization that has turned the market into a booming hub of development. New York City developers are eager to capitalize on the anticipated continued growth of the Jamaica market and the new project at 90-75 Sutphin is poised to become a standout in this region,” said Josh Zegen, managing principal at MRC.
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