Madison Realty Capital, the New York-based real estate debt and equity firm, has signed a $66 million financing deal for a combination of retail and office properties in Queens, in New York City. The properties include a 100,600 square foot retail and office space, a 24,000 square foot retail condominium and an 88-car parking garage in the New York neighborhood.
The investment is a bridge loan with an 18-month term to recapitalize the properties, a Madison Realty spokesman told PDI. The primary collateral comprises a retail property at 41-60 Main Street and retail and parking condominiums at 133-38 Sanford Avenue. The secondary collateral is made up of 18 condo units at Victoria Tower residential condo.
The properties are located in Flushing’s commercial center. MRC analysed the underlying value across multiple property types in order to structure a customized financing package, allowing the borrower to recapitalise the properties from a special servicer that had control of the assets, according to an announcement from MRC.
The 41-60 Main St. property includes 250 feet of frontage along Main Street and has a base of strong tenants; national banks and insurance companies. The retail condominium at 133-38 Sanford Avenue consists of 24,000 square feet evenly distributed over two floors.
“This recapitalisation opportunity is a prime example of how MRC can utilise its fully integrated team to quickly analyse multiple assets and structure a financial solution for a borrower,” Josh Zegen, co-founder and managing principal of MRC, said in a statement. “We have analysed the Flushing market extensively and feel that it is among New York’s strongest, and these commercial assets are perfectly positioned to benefit from their stellar location at one of Flushing’s busiest corners.”
MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the mid market. Since the firm’s founding in 2004, MRC has invested in approximately $2.5 billion of transactions in the multifamily, retail, office and industrial sectors.