174
NEW YORK CITY — Madison Realty Capital (MRC) has closed $50 million in financing for Victoria Towers, a mixed-use development, along with an additional property in Queens. Victoria Towers is a 21-story building featuring 99 residential condominium units, a 24,000-square-foot commercial condominium and 88 parking spaces. “We were able to fund this first mortgage bridge loan at an attractive basis, while enabling the borrower to simplify the capital structure of this complicated, multi-use project and finish up construction of the condos,” says Josh Zegen, co-founder and managing member of MRC. Anand Melwani of ARM Real Estate Group and Francis Leung of Okada & Co. represented the borrower in the transaction.