NEW YORK, NY - Madison Realty Capital (MRC), an institutionally backed commercial real estate investment firm and asset manager specializing in flexible debt and equity financing solutions for middle-market transactions throughout the United States, announced the closing of a $14.5 million bridge loan for a 90,000-square-foot condominium project in Kew Gardens, NY (Queens). The project includes 52 residential units, an 8,224-square-foot community facility, and a 52-spot parking garage. The financing provided by MRC allowed the borrower to recapitalize their project and provided the necessary completion financing. Joshua Zegen, Co-Founder and Managing Member of MRC, made the announcement.
"This deal is a great example of our ability to approach complex real estate transactions with speed and flexibility. We were very comfortable with our basis and the market fundamentals having recently closed a $22.5 million loan in the Rego Park section of Queens approximately 1 mile away. With our vertically integrated platform comprised of both debt, equity and development expertise we were able to assess and understand a complicated project and close within 30 days from application," said Mr. Zegen.
The property, in the Kew Gardens Hills section, was 97% complete but went into foreclosure after the loan had matured in the depths of the credit crisis. The loan from MRC enabled the borrower to (1) repurchase its original mortgage debt from the previous lender at a discount, ending the foreclosure process, and (2) complete the Certificate of Occupancy process and market the building to potential residents.
The property features modern amenities including mahogany wood floors, marble bathrooms, stainless steel appliances, a state-of-the-art fitness center, social lounge with catering kitchen, dining room, high speed wireless network, library, and children's playroom. Overall, the property is well-positioned to compete for buyers in its submarket.
"Through our extensive national network, we expect to continue sourcing middle-market financing transactions similar to this one," Mr. Zegen added. "Borrowers are attracted by our understanding of complex real estate problems and appreciate the certainty of execution that we consistently provide."
Founded in 2004, Madison Realty Capital is an institutionally backed commercial real estate firm specializing in flexible debt and equity financing solutions for middle-market transactions throughout the United States. MRC invests in the multifamily, retail, office and industrial sectors and has completed in excess of $900 million of transactions in 28 states to date. MRC's vertically integrated platform encompasses origination, servicing, asset management, property management and construction management expertise to maximize the value of its investments.