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New York & Tri-State  + Outer  + Finance  | 

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

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).

  • ◦Financing
  • ◦Development
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