Zegen of Madison Realty Capital structures $7.15 million construction loan for Astoria mixed-use property

Madison Realty Capital (MRC), an institutionally backed commercial real estate investment firm and asset manager specializing in flexible debt and equity financing solutions for middle-market transactions throughout the United States, has completed a $7.15 million construction loan for a partially complete mixed-use property, located at 28-18 Astoria Blvd. in the neighborhood of Astoria. By providing the financing, MRC facilitated a time-sensitive transaction that will be used to retire any outstanding debt, as well as fund the completion of construction for the building. Joshua Zegen, co-founder and managing member of MRC, structured the financing. "The desirable location of this property made it an attractive project for Madison Realty Capital and is another illustration of our ability to promptly complete a loan that meets the needs of the borrower," Zegen said. "Our team has the experience to understand how to properly structure this type of real estate transaction and provide on-schedule financing with favorable terms for all involved." The seven-story mixed-use property is comprised of 24,992 s/f in total, which includes 21,514 s/f of residential space as well as 2,289 s/f of retail space, and 1,189 s/f of community facility space. The final plans for the property calls for 28 one-bedroom units when construction is finished. In addition, the property offers 47 ft. of frontage along Astoria Blvd. that will feature concrete sidewalks and the installation of three street trees upon completion. The Astoria neighborhood has seen its profile rise sharply in recent years and is benefitting from a greater rental demand from young professionals looking for affordable rents with a convenient commute into Manhattan.