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.
|Printer friendly Cite/link Email Feedback|
|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|
|Previous Article:||Counsel for Emerald Creek: Rosenberg & Estis.|
|Next Article:||Hotel venture finance: MLK Real Estate.|