Madison Realty Capital completes $18.35 million for four Brooklyn properties

Madison Realty Capital (MRC) has completed four financing transactions totaling $18.35 million, according to Joshua Zegen, co-founder and managing member. The deals include: * A $5 million loan, secured by a five-story 24,323 s/f newly constructed condo building with 25 residential units and 13 parking spots at 345 Ovington Ave., Bay Ridge. The loan will be used to retire the existing mortgage, fund closing costs, and for use on another project. * A $4.1 million loan secured by a second mortgage on a 71,519 s/f class A, new construction eight-story office building at Quentin Rd. The loan will be used to fund the deposit on a discounted payoff for another land asset and to fund closing costs for the deal. * A $4 million loan, secured by a three-story 5,920 s/f mixed-use building at 32 5th Ave., Park Slope. The borrower will use the loan proceeds for the acquisition of the property and to fund closing costs. * $5.25 million in note purchase financing for the acquisition of a non-performing first mortgage collateralized by 90-94 Sullivan Pl., a mixed-use property in Crown Heights. The loan will fund the borrower's discounted purchase of the defaulted construction note.