Queens, NY Madison Realty Capital (MRC) closed a $21.4 million first mortgage loan collateralized by a 78,313 s/f, class A commercial building in the Bellerose neighborhood. AB Capstone, a repeat borrower with MRC, will utilize the funds to refinance previous debt and support final leaseup and stabilization of the asset. The newly-constructed building is 70% leased to six office and retail tenants, and several additional leases currently in the final stages of negotiation will take the building to full stabilization.
“This was a great opportunity to finance a high-quality asset with an experienced sponsor and a substantial value proposition given the strong level of demand for retail and office use in the submarket,” said Josh Zegen, co-founder and managing principal of MRC, who negotiated the loan. “As always our financing solution is tailored to the needs of the borrower, as a result of our flexibility as a private lender.”
The property is located at 251-73 Jericho Tpke. in Bellerose. Situated at the northwest intersection of Jericho Tpke. and Little Neck Pwy., the site has 190 ft. of frontage along Jericho Tpke. and 53 ft. along Little Neck Pwy.
The exterior of the building is primarily brick, steel, and glass. There are multiple entrances for the various uses throughout the building, which include medical and traditional offices, health and fitness uses, and ground floor retail. The borrower is currently completing the delivery of tenants’ spaces, which include a mix of white box buildout and simple turn-key standards.
MRC is a New York City-based real estate private equity firm focused on real estate equity and debt investment strategies. Founded in 2004, MRC has invested in approximately $9 billion of transactions in the multifamily, retail, office, industrial and hotel sectors. MRC’s fully integrated platform encompasses origination, servicing, asset management, property management and construction management expertise to maximize the value of its investments.