Source: Madison Realty Capital / #RealEstate #Finance
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 completion of a $7.15 million construction loan for a partially complete mixed-use property, located at 28-18 Astoria Boulevard in the growing neighborhood of Astoria, Queens.
By providing the financing, MRC facilitated a time-sensitive transaction that will be used to retire any outstanding debt, as well as fund the completion of construction for the building. Joshua Zegen, Co-Founder and Managing Member of MRC, made the announcement.
"The desirable location of this property made it an attractive project for Madison Realty Capital and is another illustration of our ability to promptly complete a loan that meets the needs of the borrower," Mr. Zegen noted. "Our team has the experience to understand how to properly structure this type of real estate transaction and provide on-schedule financing with favorable terms for all involved."
The seven-story mixed-use property is comprised of 24,992 square-feet in total, which includes 21,514 square-feet of residential space as well as 2,289 square-feet of retail space, and 1,189 square-feet of community facility space. The final plans for the property calls for 28 one-bedroom units when construction is finished. In addition, the property offers approximately 47 feet of frontage along Astoria Boulevard that will feature concrete sidewalks and the installation of three street trees upon completion.
The Astoria neighborhood has seen its profile rise sharply in recent years and is benefitting from a greater rental demand from young professionals looking for affordable rents with a convenient commute into Manhattan.