NEW YORK CITY—Madison Realty Capital has closed on a $23.5 million first mortgage loan to Heritage Equity Partners that will be used to finance the acquisition of a development site located at 564 St. Johns Pl. in the Crown Heights neighborhood of Brooklyn.

The 31,943 square-foot property is currently operating as a rental parking facility, and this transaction will enable Heritage Equity Partners to develop an eight-story residential rental building on the site, which will have a gross area of 163,754 total square feet when completed. The new property will include 172 residential units and 86 on-site parking spaces.

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