Madison Realty Capital Provides $55M for Bed-Stuy Mixed-use Development
When distressed properties like 948 Myrtle Avenue in Bed-Stuy need a loan, Madison Realty Capital steps in to provide funding that gets the project across the finish line. Commercial Observer is reporting that MRC, a lending and property management company based in New York, has provided $55 million to Pacific Management to facilitate completion of construction at the 214,487-square-foot mixed-use project. The multibuilding development will include retail frontage on Vernon, Throop, and Myrtle Avenues as well as more than 100 new condos, many of which are designated as affordable. MRC cofounder and principal Josh Zegen says that the housing is primarily aimed at the Hasidic community for which the neighborhood is known.
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