NEW YORK CITY—TerraCRG has closedon the sale of the mixed use development site at 608-614 FranklinAve. in the Crown Heights neighborhood of Brooklyn. Located on thecorner of Franklin Avenue and Dean Street, the 21,929-square-footsite has 141 feet of frontage on Franklin Avenue and 153.7 feet onDean Street. The property recently up zoned to R7A/C2-4, whichallows for over 75,650 buildable square feet, or up to 100,875buildable square feet with the addition of inclusionaryhousing.

Madison Realty Capital has closed $19 million indebtor-in-possession financing for a residential conversionproject at 11 E. 36^th St. The DIP fundingprevented a forced sale through the chapter 11 bankruptcy processand will enable the borrower to retain control of the property—which features 66 residential condominiums, two retail condos and5,320 square feet of office space. Proceeds of the first mortgageloan from MRC will be used to retire previous debt, simplifying thecapital stack and permitting the borrower to proceed with thesellout of residential condominium units through the bankruptcyprocess. Built in 1912, the 14-story property spans 68,727 squarefeet.

Joseph DeRosa, VP and Ernest DesRochers, SVP/managing directorof NorthMarq Capital's New York City office have arranged $13million in bridge financing for 550 W.29^th Street, a 12-story, 63,000-square-footresidential condominium development. The transaction wasstructured as an interest only loan carrying a term of two years. NorthMarq arranged the deal for the borrower, who is a jointventure between High Line Development Group LLC and TamarkinCo.