NEW YORK CITY-Madison Realty Capital said Monday it had closed on $50 million in financing for Victoria Towers, a multifamily condominium/retail mixed-use development at 133-38 Sanford Ave. in the Flushing section of Queens. The recapitalization, which will help finance completion of the residential condos, also includes another property in Queens.
“We were able to fund this first mortgage bridge loan at an attractive basis, while enabling the borrower to simplify the capital structure of this complicated, multi-use project and finish up construction of the condos,” says Josh Zegen, co-founder and managing member of MRC, in a release. “This kind of complicated deal really suits the MRC skill set, and it's gratifying to close another deal that really helps stabilize an attractive project in a vibrant New York City location.”
Victoria Towers is a 21-story building featuring 99 residential condo units, a 24,000-square-foot commercial condo and 88 below-grade parking spaces. Currently it's 95% complete.
There is also a three-story retail building with retail space at grade level and commercial space on the two floors above. Anand Melwani of ARM Real Estate Group and Francis Leung of Okada & Co. represented the borrower, Victoria Tower Development Corp., in the transaction.
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