On April 26, 2013, Madison Realty Capital originated a $29,000,000 first mortgage loan collateralized by two prime industrial properties located immediately off the Queens Midtown Expressway and a mixed-use building in Lower Manhattan.
The two industrial properties are adjacent to each other and include a two-story building totaling approximately 75,000 square feet and another 96,000 square foot building. The third property is a five-story, mixed-use building that totals 28,000 square feet.
Located in a vibrant downtown Manhattan submarket, the third property benefits from its current retail / office use, but has the potential to capitalize on the dramatically changing demands of the submarket through redevelopment. MRC was able to facilitate a time-sensitive transaction that provided immediate liquidity for the borrower.