AB Capstone Gets $21.4M Financing for Bellrose, Queens Project
The collateral for the Madison Realty Capital loan is a 78,318-square-foot commercial building that’s over 70% leased.
NEW YORK CITY—AB Capstone closed on a $21.4 million first mortgage loan from Madison Capital Realty for a building located at 251-73 Jericho Turnpike in Bellrose, Queens. The borrower will use the funds to refinance previous debt, and to support final leaseup and stabilization of the property which serves as collateral for the loan.
The 78,313-square-foot commercial building is approximately 70% leased to six office and retail tenants. Several additional leases are currently in the final stages of negotiation and will bring the building to full stabilization.
“This was a great opportunity to finance a high-quality asset with an experienced sponsor and a substantial value proposition given the strong level of demand for retail and office use in the submarket,” says Josh Zegen, co-founder and managing principal of MRC.
The site has 190 feet of frontage along Jericho Turnpike and 53 feet along Little Neck Parkway. Multiple entrances accommodate various uses throughout the building, including medical and traditional offices, fitness and health and additional retail on the ground floor. Tenant spaces also include a mix of white box buildout and simple turn-key offices. The property also includes a 78-car parking lot.