“This is an exciting opportunity to provide a full financing package for a shovel-ready development in an outstanding Manhattan neighborhood,” Zegen says. “Our lending model enables us to be fast and flexible, and in this case we were able to provide the borrower with a one-stop shop.”

Zegen adds that the borrower is finalizing a lease with a major New York hospital to occupy the entire nearly 22,000 square feet of the community facility space of the new building that will be located directly across the street from the Stuyvesant Town-Peter Cooper Village complex.

More than 300 of the industry's leading national investors, REITs, banks, private equity firms, asset management firms and other institutions will join us as we explore the market conditions behind the trends at this year's RealShare National Investment & Finance, scheduled for Oct. 5 and 6 at the Roosevelt Hotel in New York City. Learn more.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

NEW YORK CITY—Madison Realty Capital has provided $52 million in capital to jumpstart a mixed-use residential project on14th Street and Avenue C in the East Village.

The first mortgage and acquisition financing was provided to real estate investment firm Opal Holdings, which reportedly purchased the development site from the Rabsky Group for $23 million, according to a report in the Real Deal. A spokesman for Madison Realty Capital had no comment on the parties in the transaction.

The project site at 644 East 14^th St. is approved for the construction of a 76,259-square-foot mixed-use development. Plans call for 50 residential units, 8,064 square feet of retail space with 200 feet of frontage on 14th Street and Avenue C, and 21,575 square feet of community facility space.

The loan proceeds helped the borrower close on the site acquisition and will also fund further predevelopment activities and construction of the building, says Josh Zegen, managing principal of Madison Realty Capital.

“This is an exciting opportunity to provide a full financing package for a shovel-ready development in an outstanding Manhattan neighborhood,” Zegen says. “Our lending model enables us to be fast and flexible, and in this case we were able to provide the borrower with a one-stop shop.”

Zegen adds that the borrower is finalizing a lease with a major New York hospital to occupy the entire nearly 22,000 square feet of the community facility space of the new building that will be located directly across the street from the Stuyvesant Town-Peter Cooper Village complex.

More than 300 of the industry's leading national investors, REITs, banks, private equity firms, asset management firms and other institutions will join us as we explore the market conditions behind the trends at this year's RealShare National Investment & Finance, scheduled for Oct. 5 and 6 at the Roosevelt Hotel in New York City. Learn more.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.