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MRC Provides Repeat Borrower with First Mortgage on Bushwick Project
Madison Realty Capital (MRC) has closed a $27-million first mortgage loan for the development of a 68-unit mixed-use rental building at 93 Linden St., and the rehabilitation of an adjacent two-story community facility at 395 Evergreen Ave. in Brooklyn’s Bushwick neighborhood. MRC previously provided the sponsor with a $90-million financing package.
“Our previous work with the borrower in the neighborhood gave us the comfort needed to proceed with this financing package, as well as the confidence that they will successfully deliver yet another quality asset,” said Josh Zegen, co-founder and managing principal of MRC.
Additionally, “we have deep expertise and confidence in the Bushwick market, which is experiencing significant development activity as residential tenants and commercial users alike are being priced out of neighboring areas in Brooklyn,” Zegen added.
Upon completion, 93 Linden will provide a mix of studios, one-bedrooms and two-bedrooms. Thirty percent of the units will be affordable.
Pictured: 93 Linden rendering, courtesy of Karl Fischer Architects
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