NEW YORK CITY- Madison Realty Capital has closed on a $76 million financing package for 85 Flatbush Ave., a 12-story, 177,966-square-foot mixed-use property in Downtown Brooklyn. Financing includes an MRC senior loan and Bluestone Group mezzanine financing.
Loan closing came down to the wire for the repeat borrower that included a partnership of regional developers Isaac Hager and Lipa Rubin to complete the acquisition and cover all the transaction’s closing costs.
“Familiarity with the Downtown Brooklyn market allowed us to quickly underwrite this transaction for the borrower and deliver on a time-of-the-essence closing schedule,” said Josh Zegen, co-founder and managing principal of MRC, in a prepared statement.
Built in 2016, the property is on the corner of Flatbush Avenue Extension and Tillary Street, steps away from the Manhattan Bridge. The asset features the boutique Tillary Hotel, which counts 176 rooms, a ballroom, restaurant, bar/lounge, and attached 64-unit luxury multifamily building and separate parking garage.
The asset “benefits from the neighborhood’s increased residential and commercial development and continued demand for professional services throughout the area,” Zegen said.