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MRC Issues $124M of Funding in East Village

NEW YORK CITY—The loans supported the purchase of a sprawling portfolio of residential and mixed-use buildings.

By Rayna Katz | Updated on September 18, 2015

NEW YORK CITY—Madison Realty Capital has provided first and second mortgage financing of about $124 million to Brookhill Properties for the acquisition and future renovation of a 15-building, 175,000 square foot portfolio of residential and mixed-use properties in the East Village. 

Earlier this month, Brookhill closed the $97 million buy from the Tabak family, longtime owners of the assets, according to the Commercial Observer. The financing is being used to fund the acquisition and future renovations on the multifamily and mixed-use properties in the portfolio. Among the buildings are 231 E. 5th St., 514 E. 12th St. and a number of buildings along East 10th street.

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