Madison Realty Capital Provides $270.0 Million Construction Loan for Mixed-Use Development at Former Rheingold Brewery Site in Bushwick
Madison Realty Capital (MRC), an institutionally-backed real estate investment firm focused on real estate equity and debt investments in the middle markets, provided a $270.0 million construction loan for a major development project at the former Rheingold Brewery site in Bushwick, Brooklyn. All Year Management, a repeat borrower with several previous projects financed by MRC, is developing two separate buildings comprising over 1 million square feet, with 911 residential units, 20,650 square feet of retail space, and 533 parking spaces.
MRC previously provided a bridge loan for site acquisition and pre-development, and is now providing full construction financing for the project. The developer has all necessary approvals in place from the NYC Department of Buildings and NYC Housing Preservation & Development, and construction is already well under way.
“This transaction presented a great opportunity for MRC. We know the borrower well, having financed several previous projects for them, and we know Bushwick well from our prior investments in the neighborhood,” said Josh Zegen, Co-Founder and Managing Principal of MRC. “Approvals are already in place, construction is well under way, and the borrower has invested significant equity into the development. We believe that this large, high-profile project will be a success and we’re pleased to play a key role in it by providing the construction financing.”
The development is located at 123 Melrose Street and 54 Noll Street in Bushwick, both part of the former Rheingold Brewery complex. At the 54 Noll building, construction has topped out, windows are nearly fully installed, and framing is under way.
The foundation for the 123 Melrose building has been completed, and concrete is being poured for the lower floors. The site has vested 421a tax benefits in place and the residential portion of the development includes an affordable component.
About Madison Realty Capital (MRC)
MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market. Founded in 2004, MRC has invested in approximately $6.0 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Tilaa tiedotteet sähköpostiisi
Haluatko tietää asioista jo ennen kuin ne uutisoidaan? Kun tilaat tiedotteemme tältä julkaisijalta, saat ne sähköpostiisi yhtä aikaa suomalaisen median kanssa. Tilauksen voit halutessasi perua milloin tahansa.
Lue lisää julkaisijalta Business Wire
First Tom Ford Beauty Store Opens in London21.11.2017 23:01 | Tiedote
Debuting on November 20, 2017, the first TOM FORD beauty standalone store is the ultimate in luxury beauté, expressed through Tom Ford’s singular vision. Located in historic Covent Garden (3 The Market Building) this store is a pivotal moment in the evolution of the brand. The new design of light and layered grey glass sculpture creates a visually arresting play on objects and space while highlighting his collection of makeup, skincare and fragrance for women and men. Tom Ford’s inimitable touch reverberates in every dimension of the store, beginning with the LED screens lining the façade with the latest campaigns. Halos of light and floating white marble slabs showcase the exquisite design of his products, fully immersing you in the convergence of glamour and technology for the most luxurious retail environment. A complete vision of the breadth of the world of TOM FORD
Brazil Hospitality Group (BHG) Starts Partnership with AccorHotels21.11.2017 21:29 | Tiedote
Brazil Hospitality Group (BHG) announces today the beginning of its partnership with AccorHotels, which will manage 17 of BHG’s owned hotels. AccorHotels also acquired LEBSPE Ltda from BHG, a company that manages The Capital São Paulo Itaim and Grand Plaza São Paulo Jardins hotels, in São Paulo; Soft Inn São Luis, in Maranhão; and Presidente Uberlândia Hotel, in Minas Gerais. BHG, the largest owner of hotel assets in Brazil, with more than R$ 1.2 billion in properties, will invest approximately R$ 300 million, in the next four years, in the renovation and repositioning of the 17 hotels that will progressively receive the flags of AccorHotels. BHG has also started a total renovation and repositioning of Marina Palace Leblon, in Rio de Janeiro which is not part of the Accor transaction. The renovation projects will be designed by renowned architects. BHG is excited to add to i
ThreatMetrix Winter ’18 Release Increases Speed, Accuracy and Reliability of Digital Identity Assessments21.11.2017 21:24 | Tiedote
ThreatMetrix ®, The Digital Identity Company® today announced the Winter ’18 Release, which features new industry-level classifications and performance enhancements which bolster ThreatMetrix real-time solutions. Improving Performance of the Digital Identity Network ThreatMetrix has invested in significant upgrades across the Digital Identity Network®: SmartID has been re-architected to provide superior and faster cookie-less device recognition. This delivers improved global matching across the 4.5 billion unique devices on the ThreatMetrix Network. Improved responsiveness in the ThreatMetrix Decision Management Portal, supported by a new data warehouse and acceleration layer for reporting. Infrastructure investments across multiple global data centers to support resilience and peak thr
Porta Solutions Has Been Awarded as Excellence of the Year Innovation & Leadership for the Flexible Production at Le Fonti Awards 201721.11.2017 20:04 | Tiedote
Maurizio Porta, Porta Solutions’CEO triumphed at the 32th edition of the IAIR Awards. The Award Ceremony, held at the at London Stock Exchange on the 20th of October 2017, crowned him the Excellence of the Year, Innovation & Leadership, for the Flexible Production. For being an Italian excellence since 1958, innovative leader in the sector of productive flexibility in the manufacturing world. In particular to be able to aim continually and strategically on innovation and customization to ensure the best performance and highest quality. “Flexible Production: produce what you sell, no stock, no stress, more cash" says Maurizio Porta. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171121005803/en/ Porta Solutions was awarded at the Le Fonti Awards (Photo: Business Wire) Today, the
China Global Investment Forum Hangzhou 2017 Opens21.11.2017 19:04 | Tiedote
On November 20, China Global Investment Forum Hangzhou 2017 opened. The forum was hosted by the Hangzhou Municipal People's Government and the Department of Commerce of Zhejiang Province, and organized by the Hangzhou Investment Promotion Bureau and Euromoney Institutional Investor PLC. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171121005723/en/ China Global Investment Forum Hangzhou 2017 Themed "Sharing the Opportunity of Hangzhou, Co-building a World-renowned City", the event brought together nearly 1,000 renowned experts, scholars and entrepreneurs from home and abroad, to interpret Hangzhou's economy, explore Hangzhou's future industries, look into the investment trends of the world and Hangzhou, and offer advice on improving Hangzhou's level of opening to the outside world, promoting
TechnipFMC, Saipem & Bureau Veritas Sign Partnership with Expert Teleportation21.11.2017 18:27 | Tiedote
BUREAU VERITAS, SAIPEM and TECHNIPFMC are teaming up to bring expert tele assistance to on-site operators within the specific context of the Oil & Gas sector (offshore, remote location, ATEX, IECEx, etc.) and have formed a collaborative partnership with EXPERT TELEPORTATION who will lead the project development. The 15-month long project will deliver a hands’ free device (modified smart glasses) adapted to use with personnel protective equipment. The adapted tool will connect an operator located on site anywhere in the world with a remote expert / analyst in real time via audio and video stream. This EXPERT TELEPORTATION project will enable higher operational efficiency, smarter and faster response time, improved safety and a reduced carbon footprint. ABOUT: In an increasingly competit
Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.Tutustu uutishuoneeseemme