Madison Realty Capital (MRC) has closed a $29 million first mortgage loan collateralized by two industrial properties located off the Queens Midtown Expressway and a mixed-use building in Lower Manhattan. The borrower and addresses were not disclosed.
By providing this financing, MRC facilitated a time-sensitive transaction that will provide immediate liquidity for the borrower. "This is another example of our ability to structure a loan that meets the needs of the borrower while providing solid risk-adjusted returns," said Josh Zegen, co-founder and managing member of MRC. "The location of all three properties made this an attractive deal for MRC to finance and the borrowers we worked with valued our ability to close in a timely manner after the initial application."
The two industrial properties are adjacent to each other and include a two-story building totaling 75,447 s/f and another 95,963 s/f building. The third property is a five-story, mixed-use building that totals 28,127 s/f. Tags: