NEW YORK CITY-Locally-based Madison Realty Capital reports it has provided the owner of a mixed-use project in Astoria, Queens $7.15 million in financing to retire all debt and complete construction.
The seven-story mixed-use property at 28-18 Astoria Blvd. is comprised of 24,992 square-feet in total, which includes 21,514 square-feet of residential space, 2,289 square-feet of retail space, and 1,189 square-feet of community facility space. The final plans for the property call for 28 one-bedroom units when construction is completed.
The property also offers approximately 47 feet of frontage along Astoria Boulevard that will feature concrete sidewalks and the installation of three street trees upon completion, Madison officials state.
Joshua Zegen, co-founder and managing member of MRC, states, "The desirable location of this property made it an attractive project for Madison Realty Capital and is another illustration of our ability to promptly complete a loan that meets the needs of the borrower.”
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