News December 08, 2021
Rego Park apartment project lands $125M construction loan
The Real Deal reported that RB Realty Capital has secured a $125 million construction loan from Madison Realty Capital for its 186-unit multifamily project in Rego Park, Queens. The 22-story building at 98-08 Queens Boulevard will include 155 rentals and 31 condominiums, including nearly 95,000 square feet of retail and community facility space. RB Realty has agreed to set aside 30 percent of the apartments as income-restricted units under the Affordable New York Program. “Rego Park is a rapidly expanding neighborhood with exciting new retail developments, yet newly built, high-quality living options have not kept pace with growing demand,” Madison Realty Capital’s Josh Zegen said in a statement.