News September 23, 2019

Madison Realty Capital Closes $76M for Brooklyn Mixed-Use Property

Globe Street is reporting that Madison Realty Capital has closed on a $76 million financing package for 85 Flatbush Ave in what MRC Managing Principal and Co-Founder Josh Zegen described as a “time-of-the-essence” deal. The mixed-use property, which was built in 2016, is located on the corner of Flatbush Avenue Extension and Tillary Street and is home to the boutique Tillary Hotel as well as 64 luxury residences. According to Zegen, the debt investment package was attractive because the asset “benefits from the neighborhood’s increased residential and commercial development,” and MRC was able to move quickly and secure the deal with the repeat borrower thanks to the firm’s long time “familiarity with the Downtown Brooklyn market.”

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