68-74 Thompson Street
New York, NY

Investment Type: Loan Origination
Property Description: Mixed-Use Redevelopment
Loan Amount: $32.5MM

• MRC originated a $32.5MM first mortgage loan collateralized by two adjacent mixed-use buildings totaling 36,000 SF located in the SoHo neighborhood of Manhattan, New York.

• The property is comprised of two adjacent six-story buildings with 72 residential units and 6 ground floor retail units, and the borrower planned on renovating the buildings.

• As part of the renovation program, the borrower installed elevators in each building, renovated and reconfigured residential units to include high-end finishes, and expanded the retail space across the two buildings.

• The borrower completed the renovations, received a Certificate of Occupancy, and refinanced MRC’s loan.