385 Union Ave. Nears Completion in Brooklyn with New Ownership

NEW YORK—Madison Realty Capital (MRC) has purchased the note and deed of 385 Union Avenue in Brooklyn for approximately $21.5 million. The seller of the loan was a bank that had taken over the original failed lender on the project through an FDIC loss share deal.

385 Union Avenue is a six story, 53,000-sq.-ft. residential property located in the Williamsburg neighborhood. The building includes 47 apartments, 24 parking spaces and a gym.

Approaching full occupancy, the original owner defaulted on its construction financing in 2009, and the property was placed in receivership after the original lender filed a foreclosure action.

Upon completion, 385 Union Avenue will include a two-level atrium and offer residents elevators, floor-to-ceiling windows, hardwood floors, access to a common lounge and rooftop terrace and video intercom access for guests. The building offers one- and two-bedroom layouts as well as five penthouses.

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