Union Crossing
Bronx, NY
Investment Type: Preferred Equity
Property Description: Office/Retail Redevelopment
Investment Amount: $42MM
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MRC provided $42MM of preferred equity for the acquisition and subsequent repositioning of an existing seven-story, 280,000 RSF industrial building in the Bronx, New York.
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The property was being sold by a long-term family owner who utilized the space as a storage and distribution center and MRC’s borrower was able to purchase the property in an off-market transaction.
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This investment highlights MRC’s fully integrated platform and ability to quickly underwrite a complex transaction with its strong understanding of office redevelopment deals.
