Madison Realty Capital (MRC)has closed on a $52.5-million construction loan, collateralized by a mixed-use development site at 4452 Broadway in Washington Heights.
The sponsor, an experienced local developer and repeat MRC borrower, acquired the Northern Manhattan land parcel in 2013 and plans to build a seven-story, 134,475-square-foot mixed-use project on the site.
“Investment interest in Washington Heights is on the rise, due to its strong fundamentals as well as a recent rezoning of its neighboring area which is increasing the overall density of the region,” said Josh Zegen (pictured), co-founder and managing principal of MRC.
“With the project approvals and construction plans already in place, we’re confident that this high-profile project will be a success, and MRC is pleased to once again support this developer’s financing needs.”
The project, which will include 129 apartments and 11,000 square feet of retail, is being built under the new Affordable New York program.
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 GlobeSt.com 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).
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