MRC provides $270m loan for development project in US
Real estate investment company Madison Realty Capital (MRC) has provided a $270m construction loan to All Year Management for a development project in the US.
All Year Management’s development comprises two separate buildings with more than one million square feet, 911 residential units, 20,650ft² of retail space, and 533 parking spaces at the former Rheingold Brewery site in Bushwick, Brooklyn, US.
Earlier, MRC provided a bridge loan for site acquisition and pre-development, and its current loan serves as full construction financing for the project.
Developer All Year Management has already secured necessary approvals from the NYC Department of Buildings and NYC Housing Preservation and Development for the project, and construction is under way.
MRC co-founder and managing principal Josh Zegen said: “We know the borrower well, having financed several previous projects for them, and we know Bushwick well from our prior investments in the neighbourhood.
“We believe that this large, high-profile project will be a success and we’re pleased to play a key role in it by providing the construction financing.”
As part of the development, which is located at 123 Melrose Street and 54 Noll Street in Bushwick, construction at the 54 Noll building has topped out, windows are almost completely installed, and framing is currently under way.
The developer has completed the foundation for the 123 Melrose building, and concrete is being poured for the lower floors.
MRC has invested in about $6bn of transactions in the multifamily, retail, office, industrial and hotel sectors.