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New York & Tri-State  + Outer  + Finance  | 

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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Development