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MRC Turns Around 1st Mortgage on Ridgewood MXU
Madison Realty Capital delivered a financing solution for borrower AB Capstone within seven days, closing on a $37.5-million first mortgage loan. The financing was collateralized by a mixed-use development site and two adjacent commercial buildings in the Ridgewood section of Queens.
Loan proceeds from MRC were used to buy out an existing partner, complete the acquisition of the two commercial properties pay off previous financing on the parcel and fund construction of the new building’s foundation. “We believe the completed property will be unparalleled in its market,” said Josh Zegen, co-founder and managing principal at MRC.
Approved plans for the development site provide for a 17-story, 234,623-square-foot mixed-use building that includes 129 residential units and approximately 90,000 square feet of commercial space. When AB Cornerstone completes the project, it will be the tallest building in both Ridgewood and the adjacent Bushwick neighborhood of Brooklyn.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
