AB Capstone has secured a $37.5m first mortgage loan from Madison Realty Capital (MRC). The money was used complete the acquisition of two commercial properties, pay off previous financing on a development site and fund the foundation construction of a new project. AB Capstone plans to develop a 17-story, 234,623 sq ft mixed-use building, featuring 129 residential units, approximately 90,000 sq ft of commercial space, 3,300 sq ft of community facility space and 352 parking spaces. The building will go up along Myrtle Avenue, St Nicholas Avenue, and Palmetto Street in the Ridgewood neighborhood of Queens.
“MRC has established a reputation for executing complex, time-sensitive transactions quickly, delivering on the sponsor’s financial needs,” said Josh Zegen, co-founder and managing principal at MRC. “This is a great example of our ability to rapidly evaluate and underwrite a deal with many moving parts, and we’re pleased to provide financing toward the development of a mixed-use retail, residential, and office project by an experienced, high-quality sponsor. We believe the completed property will be unparalleled in its market.”
