Madison Realty Provides $270M Construction Financing for 1 MSF Mixed-Use Development in Brooklyn
NEW YORK CITY — Madison Realty Capital (MRC) has provided $270 million in construction financing for the development of a 1 million-square-foot mixed-use project at the former Rheingold Brewery site in Brooklyn’s Bushwick neighborhood.
The developer, Brooklyn-based All Year Management, previously received a bridge loan for site acquisition and pre-development on the project from MRC. Construction is currently underway.
The Rheingold Brewery opened in 1883, and was the eighth largest brewery in the nation in 1965, according to reports by the New York Daily News. The brewery closed in 1976, and was torn down in 1981. The site has been largely vacant since then, with the exception of 300 rental and privately owned apartments that were built on the southwest corner of the site in 2003.
The two-building redevelopment is located at 123 Melrose St. and 54 Noll St., and will feature 911 residential units, 20,650 square feet of retail space and 533 parking spaces.
Residential space will occupy floors one through nine in both buildings, offering studio, one-bedroom and two-bedroom units. Community amenities will include multiple fitness rooms including a boxing center, yoga studio, cycling room and exercise room; libraries; spas with saunas, steam and massage rooms; locker rooms; laundry rooms; event spaces; lounges and media centers; bowling lanes; art labs, studios and studies; and a theater.
The building at 54 Noll St. will be delivered in the next 12 months, and delivery of the second building at 123 Melrose is expected four to six months later.
Madison Realty Capital is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market. The company has invested in approximately $6 billion worth of transactions in the multifamily, retail, office, industrial and hospitality sectors.
— Katie Sloan