Madison Realty Capital Provides $90M Construction Loan for Queens Mixed-Use Project

NEW YORK CITY — Locally based private equity firm Madison Realty Capital has provided a $90 million construction loan for a mixed-use project that will be located in the Flushing area of Queens. The development will comprise 150 residential condos, 202 hotel rooms, 23,000 square feet of ground-floor and below-grade retail space and 300 parking spaces. All of these uses will be housed in two adjoined buildings rising 16 and nine stories that will be set on a retail podium and will total 263,151 square feet. Residential floor plans will come in studio, one-, two- and three-bedroom formats, and amenities will include a fitness center and outdoor terraces and courtyards. The borrower and developer is an entity doing business as 37 Ave Richouse LLC. A construction timeline was not disclosed.