NEW YORK, N.Y.—Madison Realty Capital (MRC), 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, announced the closing of a $50 million financing for Victoria Towers, a major mixed-use development, along with an additional property in Flushing, Queens. Victoria Towers is a 21-story building featuring 99 residential condominium units, a 24,000-sq.-ft. commercial condominium, and 88 below-grade parking spaces.
The MRC team was able to quickly analyze and understand this large, complex property and its capital structure, and complete the transaction within the timeframe required by the borrower.
“We were able to fund this first mortgage bridge loan at an attractive basis, while enabling the borrower to simplify the capital structure of this complicated, multi-use project and finish up construction of the condos,” Josh Zegen, co-founder and managing member of MRC, said in a statment. “This kind of complicated deal really suits the MRC skill set, and it’s gratifying to close another deal that really helps stabilize an attractive project in a vibrant New York City location.”
The property is centrally located in an active section of downtown Flushing, Queens with residents of Chinese and Korean descent making up more than 50 percent of the population. The area has seen significant business and job growth for each of the past seven years, and real estate sales and rental pricing has strengthened as a result. Flushing is also in the immediate vicinity of attractions like Citi Field and the USTA’s National Tennis Center, which drive tourist traffic through the market.
Anand Melwani of ARM Real Estate Group and Francis Leung of Okada & Company represented the borrower in the transaction.