New York & Tri-State + Outer + Finance | April 30, 2022

Madison Realty Capital originated $90 million in financing for a mixed-use project in the Flushing neighborhood of Queens

MRC Originates $90M Loan on Mixed-Use in Flushing

Madison Realty Capital (MRC) has originated a $90-million loan to 37 Ave Richouse LLC. for a mixed-use development in the Flushing neighborhood of Queens. Located at 133-25 37th Ave., the 263,151-square-foot property adjacent to the mixed-use Tangram complex will include 150 residential condominium units, 202 hotel keys, 23,000 square feet of ground-floor and below-grade retail, and 300 parking spaces.

Josh Zegen, managing principal and co-founder of MRC, said, “Demand for new residential product in Flushing continues to rise, particularly following the development of the modern Tangram complex which offers attractive shopping, entertainment, and dining from around the globe as well as increased public transit options for commuters that make the neighborhood more accessible.

“We are pleased to provide a flexible financing solution and leverage our experience in Queens, and in Flushing specifically, to meet the needs of this exciting community as it continues to grow,” he continued

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MRC's Zegen

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 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).