September 16, 2013 – New York, NY – Madison Realty Capital (MRC), an institutionally backed commercial real estate investment firm and asset manager specializing in flexible debt and equity financing solutions for middle-market transactions throughout the United States, announced the completion of four separate financing transactions for properties throughout Brooklyn. The transactions totaled $18.35 million.
Joshua Zegen, Co-Founder and Managing Member of MRC, made the announcement.
"These recent transactions underscore our continued interest and strong activity throughout the Brooklyn market," Mr. Zegen notes. "Our reputation as a reliable financing provider that brings a certainty of execution to every deal remains intact, as evidenced by the fact that we have worked with many of these same borrowers on previous transactions."
The transactions include the following:
$5 Million Loan for 345 Ovington Ave Condo
MRC originated a $5 million loan, secured by a five-story 24,323 square-foot newly constructed condominium building with 25 residential units and 13 parking spots located at 345 Ovington Avenue in the Bay Ridge neighborhood of Brooklyn. The loan will be used to retire the existing mortgage, fund closing costs, and for use on another project.
The property is roughly 95% complete and consists of one, two, and three bedroom apartments. The developer has already executed 24 sale agreements and units are expected to begin closing soon.
$4.10 million Loan for Quentin Road Office Building
MRC originated a $4.10 million loan secured by a second mortgage on a 71,519 square-foot Class A, new construction 8-story office building, located on Quentin Road in Brooklyn. The loan will be used to fund the deposit on a discounted payoff for another land asset and to fund closing costs for the transaction.
The property was completed in 2013 and is currently vacant, but leases for over 20,000 square-feet of the rentable area have already been executed with three tenants. Build-outs for the space are either finished or in the process of being completed.
$4 million Loan for 32 5th Avenue Mixed-Use Building
MRC originated a $4 million loan, secured by a three-story 5,920 square-foot mixed-use building located at 32 5th Avenue in the Park Slope neighborhood of Brooklyn, one block south of the Barclays Center and Atlantic Terminal. The borrower will use the loan proceeds for the acquisition of the property and to fund closing costs.
The property is a cooperative building with ground floor retail, five residential units, and additional storage space. The property also has an additional 2,870 square-feet which could be used for further development.
$5.25 Million of Note Purchase Financing for 90-94 Sullivan Place Mixed-Use Property
MRC provided $5.25 million in note purchase financing for the acquisition of a non-performing first mortgage collateralized by 90-94 Sullivan Place, a mixed-use property located in the Crown Heights neighborhood of Brooklyn. The loan will fund the borrower's discounted purchase of the defaulted construction note.
90-94 Sullivan Place is a six-story, 48,642 square-feet in total, featuring 28 residential units, four retail units, one community facility and a total of 36 parking spaces. The project is approximately 75% complete.