MADISON REALTY CAPITAL PROVIDES US$53 MILLION FINANCING FOR BROOKLYN'S MULTIFAMILY DEVELOPMENT

KUALA LUMPUR, Jan 20 -- Madison Realty Capital, a New York City-based real estate private equity firm, has provided US$53 million in construction financing to Heritage Equity Partners, led by Toby Moskovits and Michael Lichtenstein. (US$1 = RM4.046)

According to a statement, this is for a 150-unit ground-up multifamily development located at 875 4th Avenue between 32nd and 33rd Streets, in ‘South Park Slope’, also known as the Sunset Park neighbourhood of Brooklyn, NY.

The loan features a LIBOR-based floating rate and was arranged by Meridian Capital Group and its Director Elliot Kunstlinger, who has a working relationship with both Heritage Equity Partners and Madison Realty Capital.

The project is expected to be completed by the second quarter of 2022. Heritage Development, a vertically integrated development and management firm with focus on residential, commercial, and hospitality projects, serves as general contractor for the project.

The property will span approximately 140,000 square feet and include a total of 150 studio, one-bedroom and two-bedroom units.

Residents will enjoy access to numerous top-tier amenities including a gym and yoga studio, children’s playroom, shared workspace, function room, shared outdoor space, rooftop grill and sun deck, as well as in-unit washers and dryers.

Further, the building boasts waterfront views and is the only Class A residential building within walking distance to the bustling creative hub at Industry City, as well as numerous transportation options including the D, N and R subway lines.

Over the past five years, Industry City has experienced an influx of tech and creative jobs which has led to a vibrant revitalisation of the area including numerous mixed-use, residential and retail development and office redevelopment projects.

-- BERNAMA