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NEW YORK CITY — Madison Realty Capital (MRC) has originated a $5 million loan, secured by a 243,230-square-foot, newly constructed condominium building in Brooklyn. The five-story property includes 25 residential units and 13 parking spots and is located at 345 Ovington Ave. in the Bay Ridge neighborhood. The loan will be used to retire the existing mortgage, fund closing costs and a future project. The property is roughly 95 percent complete and features one-, two-, and three-bedroom units. The developer has already executed 24 sale agreements and units are expected to begin closing soon.