News June 28, 2018
Madison Realty Capital Upsized Bed-Stuy Condo Construction Loan By $100M
According to Commercial Observer, Madison Realty Capital has provided an additional $100 million loan to Cascade, the Bed-Stuy condominium project from Isaac Deutsch’s Empire State Management, Abraham Brach, and Nachman Leibowitz. The construction financing is part of Madison Realty Capital’s ongoing involvement with Cascade, which itself is part of MRC’s push to the outer boroughs. MRC, one of the leading property management companies in New York City, chose to fund Cascade based on the building’s location and appeal to the area’s Hasidic community and was able to modify and expand an existing loan in order to provide the developers with the necessary funds.
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