Madison Realty Capital Lends $106M on Myrtle Point Mixed-Use Tower
Commercial Observer reports that Madison Realty Capital has extended a $106 million construction loan to Arch Companies and AB Capstone for a mixed-use development on the border of Bushwick and Ridgewood in the Outer Boroughs of New York City. “We are pleased to provide a $106 million loan to an experienced sponsorship team, whom we know well, while contributing to the growth of this vibrant neighborhood,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. When complete, the building, dubbed Myrtle Point, will feature four floors of retail with a tower on top housing 13 stories of residences. With a stable of repeat borrowers, Madison Realty Capital is able to quickly capitalize on its successful debt funds and invest the money in growing neighborhoods like the Myrtle-Wyckoff corridor.