Madison Realty Capital provides $ 29.4 million bridging loan

0
37

[ad_1]

NEW YORK, June 25, 2021 (GLOBE NEWSWIRE) – Madison Realty Capital, a fully integrated private real estate investment firm specializing in debt and equity investment strategies, today announced a $ 29.4 million bridge loan A US joint venture with the support of leading New York City Developers to acquire and pre-develop the former Parkway Hospital building in Forest Hills, Queens, which recently received residential building permits ahead of closure.

“We are delighted to provide flexible bridge financing for a group of experienced developers and real estate operators to support the acquisition and early pre-development of the former Parkway Hospital,” said Josh Zegen, managing director and co-founder of Madison Real Estate Capital. “As a fully integrated real estate investment company with significant experience investing in the Queens residential real estate market, we have been able to quickly and efficiently support our borrowers in the early stages of an attractive residential project that will serve New York’s senior citizens to a very high level. barrier to market entry ”.

The joint venture includes Top Rock Holdings of Uri Mermelstein and Joseph Yushuvaev, SYU Properties of Yosef Yelishaev, RJ Capital Holdings of Rudolf Abramov and Iosif Abramov, and Rami Borokhov and Reuven Borokhov. The group’s plans include converting Parkway Hospital into affordable retirement housing and the construction of a Class A residential condominium.

About Madison Realty Capital

Madison Realty Capital is a New York-based private real estate investment firm specializing in debt and equity investment strategies with regional offices in key markets including Los Angeles and Dallas. Founded in 2004, MRC has completed nearly $ 14 billion in transactions in the multi-family, retail, office, industrial and hospitality sectors across the country. The firm manages investments in the United States on behalf of a global investor base. MRC is a fully integrated company with over 60 employees working in real estate investment, development and property management. Among other industry awards, MRC has been named to the prestigious New York City Real Estate Marketplace “Power 100” by the Commercial Observer and is consistently cited as one of the industry’s leading construction lenders. To find out more, subscribe to us at LinkedIn and visit www.madisonrealtycapital.com

[ad_2]

Source link