Madison Realty Capital Provides $270.0 Million Construction Loan for Mixed-Use Development at Former Rheingold Brewery Site in Bushwick
Madison Realty Capital (MRC), an institutionally-backed real estate investment firm focused on real estate equity and debt investments in the middle markets, provided a $270.0 million construction loan for a major development project at the former Rheingold Brewery site in Bushwick, Brooklyn. All Year Management, a repeat borrower with several previous projects financed by MRC, is developing two separate buildings comprising over 1 million square feet, with 911 residential units, 20,650 square feet of retail space, and 533 parking spaces.
MRC previously provided a bridge loan for site acquisition and pre-development, and is now providing full construction financing for the project. The developer has all necessary approvals in place from the NYC Department of Buildings and NYC Housing Preservation & Development, and construction is already well under way.
“This transaction presented a great opportunity for MRC. We know the borrower well, having financed several previous projects for them, and we know Bushwick well from our prior investments in the neighborhood,” said Josh Zegen, Co-Founder and Managing Principal of MRC. “Approvals are already in place, construction is well under way, and the borrower has invested significant equity into the development. We believe that this large, high-profile project will be a success and we’re pleased to play a key role in it by providing the construction financing.”
The development is located at 123 Melrose Street and 54 Noll Street in Bushwick, both part of the former Rheingold Brewery complex. At the 54 Noll building, construction has topped out, windows are nearly fully installed, and framing is under way.
The foundation for the 123 Melrose building has been completed, and concrete is being poured for the lower floors. The site has vested 421a tax benefits in place and the residential portion of the development includes an affordable component.
About Madison Realty Capital (MRC)
MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market. Founded in 2004, MRC has invested in approximately $6.0 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.
Information om Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Følg pressemeddelelser fra Business Wire
Skriv dig op her og modtag pressemeddelelser på mail. Indtast din mail, klik på abonner og følg instruktionerne i den udsendte mail.
Flere pressemeddelelser fra Business Wire
PATIENT-SAFETY-MOVEMENT24.2.2018 11:02 | pressemeddelelse
The 6th Annual World Patient Safety, Science & Technology Summit Kicked off with an Important Announcement about the Progress Being Made to Save Lives in Hospital Settings
CCWW24.2.2018 10:08 | pressemeddelelse
WuQi Technologies is Latest Licensee of CCww’s NB-IoT UE Protocol-Stack Software
IDEMIA23.2.2018 16:59 | pressemeddelelse
IDEMIA and Octo Telematics Reinvent Car Sharing Experience by Adding Facial Recognition to EasyOpen Solution
SM-OPTICS23.2.2018 15:02 | pressemeddelelse
SM-Optics Unveils First FLEXSET Chip, Paving the Way to Optical Micro Nodes
TX-HASHGAINS23.2.2018 14:58 | pressemeddelelse
Bitcoin Miner HashGains’ Crowdsale to Build Green Cloud Mining Data Centers Receives Excellent Response
CARDINALITY23.2.2018 14:09 | pressemeddelelse
Stratecast Recognizes CARDINALITY as a “10 to Watch in 2018”
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter, og finde vores kontaktoplysninger.Besøg vores nyhedsrum