Madison Realty Capital Originates $22 Million Loan for Renovation of Mixed-Use Soho Property
Alessia Pirolo Oct. 12, 2012, 10 a.m.
Madison Realty Capital arranged the closing of a $22 million loan on a six-story, 35,750-square-foot mixed-use property located on Thompson Street in Soho. The loan will retire the existing first mortgage and provide additional capital to renovate the property.
“The prime location of this property made it an attractive project for Madison Realty Capital to finance and is another example of our ability to structure a loan that meets the needs of the borrower while providing solid risk-adjusted returns,” said Joshua Zegen, co-founder and managing member of MRC. “The borrowers we work with value the expertise and certainty of execution we bring to every transaction.”
Upon completion of the renovations, the property will have 67 rentable apartment units, including 18 studios, 24 one-bedrooms and 25 two-bedrooms. The penthouse apartments will include private terraces accessible via spiral staircases located in each of the units.
MRC is an institutionally backed commercial real estate investment firm and asset manager specializing in flexible debt and equity financing solutions for middle-market transactions throughout the United States. It invests in the multifamily, retail, office and industrial sectors and has completed approximately $1 billion in transactions to date in 28 states.