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MRC Provides First Mortgage on Xinyuan’s Flushing Project
Madison Realty Capital (MRC) has provided a $30-million first mortgage loan on a mixed-use development site at 135-35 Northern Blvd. in Flushing. The site is the one-time home of the RKO Keith’s Theater, and has sat vacant since the theater closed n 1986.
The financing allows borrower Xinyuan Real Estate to build a 17-story, mixed-use residential, commercial and community facility at the site. Along with 269 condominium units, retail and community space, the development will include restored interior portions of the landmarked former theater in its lobby.
“This well-capitalized sponsor has done a fantastic job assembling and planning this shovel-ready site, and the deal was particularly attractive at a less than $100-per-square-foot loan basis and less than 50% of cost,” said Josh Zegen, co-founder and managing principal of MRC. “We are confident this will be a standout property in the Flushing submarket, which is growing rapidly.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
