Development of 193-Unit Residential Building at 564 St. Johns Place Has Topped Out
NEW YORK, Sept. 29, 2016 /PRNewswire/ — 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 $63.0 million loan to complete the development of a 193-unit, 163,598 square foot residential building located at 564 St. Johns Place in Crown Heights, Brooklyn. Josh Zegen, Co-Founder and Managing Principal of MRC, made the announcement.
The project is currently topped off and framing work has begun on the lower floors. "We're pleased to provide capital that will help one of our repeat borrowers complete this well-located, high quality residential asset," Zegen said. "Crown Heights is increasingly attractive to many new residents, who are drawn to the close proximity to Prospect Park and reasonable housing prices as compared to Park Slope and Williamsburg. Construction of the building is far along, and we expect the project to be well-received when it hits the market."
Located in the western portion of the Crown Heights neighborhood of Brooklyn, the site previously served as a rental parking facility and is now being developed into an eight-story residential building. The property will feature outdoor recreational space for residents as well as parking for 87 cars. The unit mix at the building will consist of 19 studio apartments, 136 one-bedroom units, and 38 two-bedroom units.
The surrounding neighborhood offers an abundance of restaurants, shops, and entertainment venues. Crown Heights borders several other attractive and popular areas of Brooklyn, including Bedford Stuyvesant, Prospect Height, and Flatbush, and offers easy access to Manhattan by subway.
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 $5.2 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.
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