New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
MRC Closes on Mortgage Loan for Williamsburg MXU
Madison Realty Capital has closed a $31.49-million first mortgage loan collateralized by a mixed-use development at 744 Bedford Ave. in Brooklyn’s Williamsburg section. Loan proceeds will be used to complete construction of a 134,742-square-foot building with 88 rental units.
The project qualifies for the 421a tax abatement, and includes 18,393 square feet of retail space along with its residential component. The sponsor, a local New York developer that was not identified, has already commenced vertical construction.
“We’ve been successful in delivering the funds required, and we believe that this project will be successful based on its excellent location, thoughtful design and vested 421a benefit,” said Josh Zegen, MRC’s co-founder and managing principal.
MRC funded approximately $5.6 million at closing, and the remaining funds will be drawn through the remainder of the construction process. The borrower anticipates topping out this summer and finishing next spring.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
