NEW YORK, April 23, 2021 (GLOBE NEWSWIRE) -- Madison Realty Capital, a fully integrated real estate private equity firm focused on debt and equity investment strategies, today announced that it originated a $26 million loan for a mixed-use development at 1520 Fulton Street in Brooklyn’s Bedford-Stuyvesant neighborhood. The proceeds were used to refinance the existing construction loan and provide bridge financing through the lease-up and stabilization of the property.
“We are pleased to partner with a well-capitalized borrower that delivered a high-quality project with all commercial space pre-leased to a local charter school. Our customized financing solution enabled the borrower to replace their existing loan with a new, permanent financing solution on more attractive terms,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “Madison Realty Capital was able to work with the borrower to quickly underwrite the transaction and provide a flexible and competitive loan. Bedford-Stuyvesant is an increasingly popular neighborhood with a strong demand for top-tier, affordable housing options and we are excited to support a project that will bring significant benefits to the neighborhood.”
The 73,519 square foot development includes 49 residential units, 30 percent of which will be affordable under the Affordable Housing NY Program, as well as 8,600 square feet of commercial space that has already been leased to a charter school.
About Madison Realty Capital
Madison Realty Capital is a New York City based real estate private equity firm focused on debt and equity investment strategies with regional offices in key markets including Los Angeles and Dallas. Founded in 2004, Madison Realty Capital has closed on approximately $14 billion of transactions in the multifamily, retail, office, industrial and hotel sectors. The firm manages investments in the United States on behalf of a global investor base. Madison Realty Capital is a fully integrated firm with over 60 employees across all real estate investment, development, and property management disciplines. Among other industry recognitions, Madison Realty Capital has been named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as one of the industry’s top construction lenders. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.