NEW YORK, March 31, 2016 /PRNewswire/ -- Madison Realty Capital (MRC), an institutionally-backed real estate investment firm focused on real estate equity and debt investments in the middle markets, provided $60.0 million of construction financing for the development of a mixed-use property located at 1399 Park Avenue. The building, developed by Heritage Real Estate Partners, will offer 72 luxury condominiums on the upper floors and 19,000 square feet of community facility space on the lower floors.
Over the course of two years, the borrower was able to assemble the site and complete the entitlement process. Currently, the site has already been completely razed with foundation work underway. The new building, clad in glass and cast stone, will overlook the community garden on 103rd Street, and the top floors will have unobstructed views of Central Park. The unit mix consists of studio and 1, 2, 3, and 4-bedroom apartments. The entire 5th floor is dedicated to residential amenities, including a fitness center, lounge, and children's playroom as well as a communal rooftop terrace. The Corcoran Group will be the sales agent for the project.
"We're excited about this outstanding opportunity to finance a shovel-ready site in a great location with rising demand, under development by a quality sponsor," said Josh Zegen, Co-Founder and Managing Principal of MRC. "We believe that the private lending market has an increasing role to play in construction financing, and we're pleased to deliver a solution to quality sponsors, like our borrower."
Located at 104th Street and Park Avenue in Manhattan, the Property is situated in Harlem and on the border of the Upper East Side. The area benefits from an abundance of restaurants, shops, and entertainment venues, as well as a number of big box retailers which have more recently served to reshape Harlem as one of the main retail destinations in New York City.
About Madison Realty Capital (MRC)
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 $4.5 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.
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SOURCE Madison Realty Capital