Madison Realty Provides Bridge Loan for Parkway Hospital Purchase

0
31

[ad_1]

Left to right: Forest Hills Parkway Hospital, Uri Mermelstein of Top Rock Holdings, Joseph Yushuvaev, Josh Zegen of Madison Realty Capital, and Josif Elishaev of SYU Properties (Google Maps, LinkedIn, Getty)

Left to right: Forest Hills Parkway Hospital, Uri Mermelstein of Top Rock Holdings, Joseph Yushuvaev, Josh Zegen of Madison Realty Capital, and Josif Elishaev of SYU Properties (Google Maps, LinkedIn, Getty)

BUT joint venture received $ 29.4 million in bridge funding for the purchase of the former Parkway Hospital in Forest Hills, which will be converted into a residential complex.

Madison Realty Capital has provided a floating rate loan to SYU Properties, Top Rock Holdings and RJ Capital, which closed last month on a long-closed property at 70-35 113th Street. The purchase price was $ 31.7 million for a 360,000 square foot lot.

The project architect is SLCE

The new owners want to redesign the six-story building, adding affordable senior apartments on the existing floors and market-priced apartments in a new building to be built above it. According to previous plans, they will also build a 250,000 square foot condo tower on the site.

Top Rock director Uri Mermelstein said the tower is likely to be 15 to 16 stories high and that construction will begin early next year.

[ad_2]

Source link