“MRC's lending expertise and familiarity with the specific needs of this repeat borrower allowed us to design a customized funding package within a compact timeframe,” says Josh Zegen, co-founder and managing principal of Madison Realty Capital.  “In this case, MRC was able to capitalize on the opportunity to originate a loan for a well-located, high-quality condo development with additional liquid assets including a boutique office building and buildable lot, as well as a healthy last dollar exposure. The development's structurally complete buildings and limited cost/schedule overrun risk made this an even more attractive project for us to finance.”

Upon completion scheduled for Q4 2019, the condominium will include 41 residential units totaling 80,117 square feet, 12,625 square feet of retail space across the ground and cellar levels, and 21 parking spaces. The property also includes a 10,000-square-foot vacant lot directly north of the completed office building at 66 Gerry St., offering the potential for an additional affordable housing project.

So far, in constructing the condominium, the foundation, superstructure and exterior framing have been completed.