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NEW YORK CITY — Madison Realty Capital has provided a $90 million first mortgage loan for a to-be-developed 232-unit apartment community and an existing community facility in Brooklyn’s Bushwick neighborhood.
The undisclosed borrower will use the loan proceeds to retire all existing debt and develop two residential buildings at 889 Bushwick Ave. and 340 Evergreen Ave.
In addition to the residential developments, the site also features a newly renovated 152,674-square-foot community facility at 871 Bushwick Ave. that is triple-net leased on a long-term basis to a national non-profit organization.