NEW YORK CITY—Madison Realty Capital has closed on a $23.5million first mortgage loan to Heritage Equity Partners that willbe used to finance the acquisition of a development site located at564 St. Johns Pl. in the Crown Heights neighborhood ofBrooklyn.
The 31,943 square-foot property is currently operating as arental parking facility, and this transaction will enable HeritageEquity Partners to develop an eight-story residential rentalbuilding on the site, which will have a gross area of 163,754 totalsquare feet when completed. The new property will include 172residential units and 86 on-site parking spaces.
Says Josh Zegen, co-founder and managing principal, MRC, "Thelocation of this site made it an attractive deal for MRC tofinance. The Crown Heights neighborhood continues to grow asresidents look for more affordable options throughout Brooklyn, sowe expect this property to draw considerable interest uponcompletion. Madison has also completed previous transactions withthis borrower, again demonstrating that the relationships we havebuilt and the certainty of execution we provide is generating asteady pipeline of deals for our company."
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
