News June 24, 2021
Parkway Hospital buyers land bridge loan from Madison Realty Capital
The Real Deal reported that Madison Realty Capital has extended $29.4 million in bridge financing to a joint venture by SYU Properties, Top Rock Holdings, and RJ Capital for a former hospital complex in Forest Hills. The debt investment firm extended the floating-rate loan to secure the purchase of Parkway Hospital, a long-shuttered property that the developers aim to expand into a collection of affordable and market-rate homes. The existing structure will be home to affordable units for seniors, while a new 16-story tower will add 250,000 square feet of additional housing. This loan is just the latest in Madison Realty Capital’s investment in multifamily developments in the tri-state area.