FINANCE BRIEFS
●madison realty capital
MRC bullish on Queens
Madison Realty Capital (MRC) closed $66 million in financing for a 100,500 s/f retail and office property, a 24,000 s/f retail condominium, and an 88-car parking garage in Flushing, Queens.
The properties are adjacent to one another at the corner of Main Street and Sanford Avenue.
MRC structured a customized financing solution which enabled the borrower to recapitalize the properties from the special servicer who was managing the assets.
41-60 Main Street is a three-story mixed-use office and retail building with a tenant base of credit worthy tenants and high occupancy. The retail condo at 133-38 Sanford Avenue consists of 24,000 s/f over two floors.
Josh Zegen, co-founder of MRC, commented, “We have analyzed the Flushing market extensively and feel that it is among New York’s strongest, and these commercial assets are perfectly positioned to benefit from their stellar location at one of Flushing’s busiest corners.”
● cronheim mortgage
Broker backs Sea Girt
Cronheim Mortgage put its money on Sea Girt with an $11.5 million loan.
Andrew Stewart, Dev Morris and Allison Moravec arranged the financing for Brook 35 Plaza in the affluent New Jersey town.
The loan was structured with a 15-year, interest-only term and was placed with American General Life Insurance Company and National Union Fire Insurance Company of Pittsburgh, PA for the borrower, Sea Girt Limited Partnership, an affiliate of Federal Realty Investment Trust
Brook 35 Plaza is an open air lifestyle center with three retail buildings containing 80,877 s/f. Built in 1986, it is leased to 20 national and local retailers. A second floor containing 13,240 s/f is 100 percent leased to Morgan Stanley and Premier Executive Suites.
● greystone
Bridge loan for apartment buy
Greystone provided an $11.7 million bridge loan for the acquisition and renovation of a 132-unit affordable multifamily property in Riverside, California.
The transaction was originated by Dale Holzer. Greg Richardson of Johnson Capital acted as the correspondent who introduced the deal to Greystone.
The non-recourse interest-only loan carries a two-year term with two, six-month extensions for the borrower, Beverly Hills, California-based Crystal Asset Management, which plans to improve the property’s exterior and plan unit upgrades. The property includes several affordability components including Section 8 tenants.
