NEW YORK, Sept. 27, 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 a $52.0 million first mortgage loan for the acquisition of a development site in the East Village and construction of an approved 76,259 square foot mixed use development on the site. The plans for 644 East 14th Street include 50 residential units, 8,064 square feet of retail space with 200 feet of frontage on 14th Street and Avenue C, and 21,575 square feet of community facility space. Josh Zegen, Managing Principal for MRC, made the announcement.
The loan proceeds helped the borrower close on the site acquisition, and will also fund further predevelopment activities and construction of the building. "This is an exciting opportunity to provide a full financing package for a shovel-ready development in an outstanding Manhattan neighborhood," Zegen said. "Our lending model enables us to be fast and flexible, and in this case we were able to provide the borrower with a one-stop shop."
The property is located at the corner of 14th Street and Avenue C, along the Northern border of the East Village and directly across the street from Stuyvesant Town. Residential units will offer contemporary finishes and large balconies with East River views. The borrower is currently finalizing a lease with a major New York hospital to occupy the entire community facility portion of the new building.
The East Village is now attracting young professionals and families, in addition to the artists, musicians, and students that established the neighborhood's cultural identity. The area has retained its strong character and remains a dynamic hub of popular bars, restaurants, and shops, with East 14th Street being one of the liveliest commercial corridors.
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 $5.2 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.
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SOURCE Madison Realty Capital