NEW YORK CITY—Madison Realty Capital has provided $37 million of financing collateralized by three properties in the Queens neighborhoods of Jamaica and Flushing. The borrower needed immediate funding to close a separate acquisition in New York, and MRC was able to rapidly provide the required liquidity through a deal backed by the Queens assets. MRC closed the transaction within six days of sourcing the opportunity.

“The velocity of transactions in today's market requires buyers to move quickly, and we're pleased to provide this customized financing solution to help close a time-sensitive deal,” says Josh Zegen, co-founder and managing principal, MRC. “The borrower approached us based on our speed and certainty of execution, and we are familiar with these Queens submarkets as an active real estate lender and owner there. With that background and the support of our vertically integrated platform, we were able to underwrite and close the transaction quickly.”

The collateral for MRC's loan includes three properties: 163-05 Archer Ave., a 32,471-square-foot retail building located in Jamaica, Queens, is undergoing renovations scheduled for completion next month. The building will be 100% occupied by Green Apple Supermarket & Food Court and a Rent-A-Center location. The neighboring property, 163-25 Archer Ave., is a development site offering approximately 700,000 buildable square feet. The third property supporting the loan is a newly developed condominium building in Flushing, Queens, which includes residential and medical office units.