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Brooklyn Condo Project Gets $13M Loan

NEW YORK CITY-The credit agreement is backed by a condominium development in Clinton Hill.

By Rayna Katz | Updated on May 21, 2013

NEW YORK CITY-Madison Realty Capital, an institutionally backed commercial real estate investment firm and asset manager, announced the closing of $13 million in financing for the third-party purchase of a defaulted note. The note, originated by Community Preservation Corp. and carrying an outstanding principal balance of approximately $17 million, is secured by a condominium development located at 143-159 Classon Ave. in the Clinton Hill section of Brooklyn.

MRC funded $9 million to the borrower at closing, and provided a commitment for an additional $4 million of construction financing, subject to satisfaction of various conditions.  The loan will finance the borrower’s purchase of the existing debt from CPC, as well as construction costs needed to obtain a certificate of occupancy for a portion of the project.

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