New Brooklyn condo development lands $75M construction loan
Crain's New York Business reported that Madison Realty Capital and Naftali Credit Partners provided a $75 million construction loan for New Empire Corp.'s condo development at 757 Flatbush Ave. in Brooklyn, with MRC originating a $58 million senior loan and Naftali contributing a $17 million mezzanine loan. The financing will refinance the project's existing land debt and fund remaining construction costs for the 131-unit condominium building, which will also include approximately 3,300 square feet of ground-floor commercial space near Prospect Park and the Q train's Parkside Avenue station. The deal reflects continued investor demand for well-amenitized condo product in the Flatbush submarket, which has seen significant transformation in recent years.
