NEW YORK, April 28, 2022 (GLOBE NEWSWIRE) — Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced that it has originated a $90 million loan to 37 Ave Richouse LLC. for a mixed-use development in the Flushing neighborhood of Queens, New York.
Located at 133-25 37th Avenue in Downtown Flushing, the property will include 150 residential condominium units, 202 hotel keys, 23,000 square feet of ground floor and below-grade retail and 300 parking spaces. The 263,151 square foot property will feature two joined buildings rising 16 stories and nine stories set on a retail podium adjacent to the mixed-use Tangram Complex which offers cutting-edge retail, residential, office and hotel space. The property will include a garden courtyard, fitness facility, lounge area, outdoor terraces and residences ranging from studios to three-bedroom units.
Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said, “Demand for new residential product in Flushing continues to rise, particularly following the development of the modern Tangram complex which offers attractive shopping, entertainment, and dining from around the globe as well as increased public transit options for commuters that make the neighborhood more accessible. We are pleased to provide a flexible financing solution and leverage our experience in Queens, and in Flushing specifically, to meet the needs of this exciting community as it continues to grow.”
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that, as of March 31, 2022, manages approximately $8.5 billion in total assets on behalf of a global institutional investor base. Since 2004, Madison Realty Capital has completed approximately $20 billion in transactions providing borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with an office in Los Angeles, the firm has approximately 70 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.
Media inquiries, contact:
Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.
(212) 257-4170
madisonrealty@gasthalter.com
