MRC Provides $37.5M Loan for Mixed-Use Development Site, Commercial Buildings in Queens
NEW YORK CITY – Madison Realty Capital (MRC) has provided a $37.5 million first mortgage loan collateralized by a mixed-use development site and two adjacent commercial buildings in the Ridgewood neighborhood of Queens. The borrower, AB Capstone, used the loan proceeds to buy out an existing partner, complete the acquisition of the two commercial properties, pay off previous financing on the development site and fund construction of the new building’s foundation. Located along Myrtle Avenue, St. Nicholas Avenue and Palmetto Street, the proposed development will feature a 17-story, 234,623-square-foot mixed-use building containing 129 residential units, 90,000 square feet of commercial space, 3,300 square feet of community facility space and 352 parking spaces. The two adjacent commercial buildings, totaling 12,170 square feet of space, are currently occupied by retail, office and medical office users.