Myrtle Point
Queens, NY

Investment Type: Construction Financing
Property Description: Retail / Multifamily
Loan Amount: $106MM

  • MRC originated a $106MM first mortgage loan collateralized by a development site for a 17-story, 138-unit tower atop 93,000 RSF of retail and community facility space in the Ridgewood neighborhood of Queens, New York 
  • MRC already held a $38MM bridge loan for the development site, but the Sponsor needed to raise third-party equity to facilitate completion of the project
  • The deal illustrates MRC’s flexibility and ability to provide capital at multiple stages in the development process
  • To date, the Borrower has pre-leased 80% of the commercial space to Target and Burlington and construction completion is expected by 2023