MRC originated a $106MM first mortgage loan collateralized by a development site for a 17-story, 138-unit tower atop 93,000 RSF of retail and community facility space in the Ridgewood neighborhood of Queens, New York
MRC already held a $38MM bridge loan for the development site, but the Sponsor needed to raise third-party equity to facilitate completion of the project
The deal illustrates MRC’s flexibility and ability to provide capital at multiple stages in the development process
To date, the Borrower has pre-leased 80% of the commercial space to Target and Burlington and construction completion is expected by 2023
All information is subject to market conditions and may and will change. Please contact us to discuss the specifics of your project.