News April 17, 2019
MRC Lends $27M on Bruman Realty's Resi Project in Bushwick
Commercial Observer is reporting that Madison Realty Capital has extended a $27 million loan to Joseph Brunner and Abe Mandel’s Bruman Realty to help the developer complete construction on a building in Brooklyn’s Bushwick neighborhood. MRC, a prominent private debt investment firm based in New York City, had worked previously with the developer in the same neighborhood, giving the firm confidence in the new loan. Managing Principal and Co-Founder Josh Zegen told Commercial Observer that the firm has “deep expertise and confidence in the Bushwick market, which is experiencing significant development activity.” The Bushwick development is currently about 35% complete and the developer expects the project to be move-in ready in the first quarter of 2020.