Madison Realty Capital Originates $450 Million Construction Loan for 1,098-unit Mixed Use Development in Downtown Brooklyn
NEW YORK, Sept. 14, 2021 (GLOBE NEWSWIRE) -- Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced it has provided a $450 million loan to The Rabsky Group, one of the largest residential and commercial developers in Brooklyn and Queens, to complete development of a 1,098-unit, 35-story multifamily and retail mixed-use property at 625-635 Fulton Street at the intersection of Flatbush Avenue in Downtown Brooklyn, New York.
Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said, “This transaction represents Madison Realty Capital’s ability to deliver speed, certainty, and execution to top-tier borrowers in highly attractive submarkets. Accordingly, we are pleased to provide The Rabsky Group, a highly sophisticated and experienced developer with significant holdings throughout the New York metropolitan area, with a large and flexible financing solution. Downtown Brooklyn is an ever-expanding neighborhood and new multifamily housing options, particularly of this caliber, will be quickly absorbed. We are glad to support a property under development that will offer significant affordable housing options and look forward to expanding our relationship with The Rabsky Group for additional projects that positively impact New York City.”
Brooklyn is New York City’s most populous borough and is home to one of the most diverse economies in the country. Proximity to major employment hubs and education centers have made Downtown Brooklyn one of New York’s fastest growing residential markets. Moreover, Downtown Brooklyn has also become a technology and innovation hub and is home to 25 percent of New York City-based tech firms. The property is located within the Brooklyn Tech Triangle, an area comprised of Downtown Brooklyn, DUMBO, and the Brooklyn Navy Yard that has emerged as New York City’s largest cluster of tech activity outside of Manhattan and is within two blocks of ten different subway lines.
Designed with two interconnected residential towers atop a five-story podium, the property will offer 590,096 rentable residential square feet across 342 studios, 492 one-bedroom and 264 two-bedroom units and 30% of the units will be affordable through the Affordable New York program. A portion of the affordable units will be part of the Inclusionary Housing Program for lower income tenants. Residents will enjoy top-of-the-line amenities including a fitness facility, spa, recreation areas, in-unit washers and dryers, lounges, and a rooftop outdoor pool with views of Manhattan and Brooklyn. In addition to best-in-class residential units the property will have 25,988 rentable square feet of retail space along Fulton Street, 250 parking spaces and 150 storage units.
The Rabsky Group is led by Simon Dushinsky, Yadler Rabinowitz, and Joel Gluck, who also contributed significant cash equity for the construction.
Henry Bodek of Galaxy Capital served as broker for the transaction.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that manages approximately $6 billion in total assets on behalf of an institutional global investor base. Since 2004, Madison Realty Capital has completed more than $15 billion in transactions in the U.S. providing reputable borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with offices in Los Angeles and Miami, the firm has over 60 employees across all real estate investment, development, and property management disciplines. Madison Realty Capital has been frequently named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as a top construction lender, among other industry recognitions. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
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