Zegen of MRC negotiates $37 million for three Queens properties

Madison Realty Capital (MRC) has provided $37 million of financing collateralized by three properties located in the neighborhoods of Jamaica and Flushing. The borrower needed immediate funding to close a separate acquisition in New York, and MRC was able to rapidly provide the required liquidity through a deal backed by the Queens assets. MRC closed the transaction within six days of sourcing the opportunity. "The velocity of transactions in today's market requires buyers to move quickly, and we're pleased to provide this customized financing solution to help close a time-sensitive deal," said Josh Zegen, co-founder and managing principal of MRC, who negotiated on behalf of his company. "The borrower approached us based on our speed and certainty of execution, and we are familiar with these Queens submarkets as an active real estate lender and owner there. With that background and the support of our vertically integrated platform, we were able to underwrite and close the transaction on an accelerated timeline." The collateral for MRC's loan includes three properties. 163-05 Archer Ave., a 32,471 s/f retail building located in Jamaica, is currently undergoing renovations scheduled for completion by August. The building will be 100% occupied by Green Apple Supermarket & Food Court and a Rent-A-Center location. The neighboring property, 163-25 Archer Ave., is a development site offering 700,000 buildable s/f. The third property supporting the loan is a newly developed condo building in Flushing, which includes residential and medical office units. Including this transaction, MRC closed 13 debt investments totaling $240 million in the second quarter of this year, consisting of special situation loan origination opportunities and loan acquisition deals. MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market. Founded in 2004, MRC has invested in approximately $3 billion of transactions in the multifamily, retail, office, industrial and hotel sectors. ###