Josh Zegen.

NEW YORK CITY – Madison Realty Capital, a New York City-based private equity firm and lender, issued a $46 million construction loan to complete a Long Island City hotel on a development site located at 38-59 11th Street. The 240-key hotel is currently deep into construction and needed the new capital to finalize the product.

“This transaction allowed MRC to finance the completion of a premium hotel in the high-demand Long Island City region,” said Josh Zegen of Madison Realty Capital in a prepared statement. “With its flexible zoning regulations and close proximity to Manhattan, Long Island City remains one of the most popular neighborhoods in New York City for hospitality product and we expect this project to be well-received when it hits the market.”

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Mariah Brown

Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.

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