Madison Realty Capital Originates $45.8 Million Loan for Brooklyn, New York Mixed Use Development
NEW YORK, Feb. 10, 2022 (GLOBE NEWSWIRE) — Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced that it has originated a $45.8 million loan to Bruman Realty for the construction completion of a 55-unit mixed use development at 296 Wythe Avenue in Brooklyn, New York.
The property will offer studio and one-bedroom units, a roof deck, 26 parking spaces, 12,200 square feet of ground floor retail and 11,500 square feet of below-ground retail space. Each of the Class A multifamily residences will include hardwood floors, granite countertops, stainless steel appliances, washers, and dryers, and 47 of the units will include private terraces. Thirty percent of the residences will be part of the Affordable New York program. The property is well-located on the corner with significant space along Grand Street, Wythe Avenue and North 1st Street.
“Williamsburg has become an iconic neighborhood in New York City, offering culture, modern retail amenities, easy commutes, and affordability relative to Manhattan,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “Madison has significant experience working with Bruman Realty on projects throughout New York City, and we are pleased to work with their expert team again to deliver a mixed-use luxury property in a neighborhood with strong demand for high-quality living options.”
“We have worked with Madison Realty Capital several times and knew Josh’s team was the right choice to deliver customized, mid-construction financing for a complex project in Williamsburg,” said Steven Hersko, President at The SHB Group, who arranged the transaction. “Madison knows how to execute, having financed multiple projects in Williamsburg, so leveraging their reliability and experience within the neighborhood proved to be our best option.”
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that, as of December 31, 2021, manages approximately $8 billion in total assets on behalf of a global institutional investor base. Since 2004, Madison Realty Capital has completed approximately $20 billion in transactions providing borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with an office in Los Angeles, the firm has approximately 70 employees across all real estate investment, development, and property management disciplines. Madison Realty Capital has been frequently named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as a top construction lender, among other industry recognitions. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.
CONTACT: Nathaniel Garnick/Grace Cartwright Gasthalter & Co. (212) 257-4170 [email protected]
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