NEW YORK, July 14 (Bernama-BUSINESS WIRE) -- 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)
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.
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.
Contacts
Media inquiries
Great Ink Communications: 212-741-2977
Tom Nolan – tom@greatink.com
or
Eric Waters – eric.waters@greatink.com
Great Ink Communications: 212-741-2977
Tom Nolan – tom@greatink.com
or
Eric Waters – eric.waters@greatink.com
Source: Madison Realty Capital
MADISON REALTY CAPITAL PROVIDES $270.0 MILLION CONSTRUCTION LOAN FOR MIXED-USE DEVELOPMENT AT FORMER RHEINGOLD BREWERY SITE IN BUSHWICK
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