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MRC funds Soho development opportunity: Madison Realty Capital.

Madison Realty Capital (MRC) provided a $23.3 million first mortgage acquisition loan collateralized by a mixed-use development site at 182-188 Spring Street in SoHo.

The borrower, Opal Holdings according to The Real Deal, acquired 182-186 Spring Street for $31,565 million through a bankruptcy auction, and closed simultaneously on the adjacent townhouse located at 188 Spring Street, including its air rights.

Josh Zegen, Co-Founder and Managing Principal of MRC, said, " We believe this is an incredibly well-located assemblage with great prospects for successful redevelopment into luxury condominiums and class A retail."

The borrower plans to build high-end residential units above ground-floor retail space on the assemblage, in a development totaling approximately 37,278 gross square feet.

Existing structures at 182 Spring Street are substantially demolished, and demolition is already complete at 186 Spring Street. 188 Spring Street currently includes a vacant four-story, 2,239 s/f, single family townhouse, which is also expected to be demolished.

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Title Annotation:LOAN ROUND-UP
Comment:MRC funds Soho development opportunity: Madison Realty Capital.(LOAN ROUND-UP)
Publication:Real Estate Weekly
Date:Jun 21, 2017
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