News February 05, 2019

HAP Lines Up $53M Construction Loan for Washington Heights Project

Madison Realty Capital is providing a $52.5 million bridge loan to HAP Investments to complete a project in Washington Heights. According to the Real Deal, the developer is building a seven-story mixed-use project on land purchased in 2013, and MRC stepped up to provide funding that will take the project to completion in Q3 of 2020. MRC’s Josh Zegen says of the move that, “due to its strong fundamentals as well as a recent rezoning of its neighboring area, which is increasing the overall density of the region,” Washington Heights is becoming a new area of investment interest for the firm.

Click to read more on The Real Deal