MRC Lends $30M for the Redevelopment of Queen's RKO Keith Theater
Commercial Observer is reporting that Madison Realty Capital has extended a $30 million loan to Xinyuan Real Estate to finance the first stages of a new residential development in Flushing, Queens. The developer is planning a 17-story mixed-use condominium and retail development on the site of the former RKO Keith Theater at 135-35 Northern Boulevard. MRC is a fully integrated real estate private equity firm best known for its successful debt funds, the latest of which raised over $1.1 billion. MRC’s Managing Principal & Co-Founder Josh Zegen praised Xinyuan’s plans for the development, saying that he and MRC are “confident this will be a standout property in the Flushing submarket, which is growing rapidly and stands to benefit from a very healthy development pipeline.”
