NEW YORK CITY—TerraCRG has closed on the sale of the mixed use development site at 608-614 Franklin Ave. in the Crown Heights neighborhood of Brooklyn. Located on the corner of Franklin Avenue and Dean Street, the 21,929-square-foot site has 141 feet of frontage on Franklin Avenue and 153.7 feet on Dean Street. The property recently up zoned to R7A/C2-4, which allows for over 75,650 buildable square feet, or up to 100,875 buildable square feet with the addition of inclusionary housing.

Madison Realty Capital has closed $19 million in debtor-in-possession  financing for a residential conversion project at 11 E. 36th St.  The DIP funding prevented a forced sale through the chapter 11 bankruptcy process and will enable the borrower to retain control of the property— which features 66 residential condominiums, two retail condos and 5,320 square feet of office space. Proceeds of the first mortgage loan from MRC will be used to retire previous debt, simplifying the capital stack and permitting the borrower to proceed with the sellout of residential condominium units through the bankruptcy process. Built in 1912, the 14-story property spans 68,727 square feet.

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