NEW YORK CITY—Madison Realty Capital has approved a $23.7-million loan to borrower Empire Realty Management to refinance 54 Thompson St., a mix-used seven-story property in Manhattan's SoHo submarket. Loan proceeds will fund tenant improvements, leasing and loan closing costs.
Madison Realty's $1.1-billion MRC Debt Fund IV, its newest and latest, originated the loan for the 100% occupied property. The transaction was a no-brainer deal, says Josh Zegen, co-founder and managing principal, in a prepared statement. Perched by its location in an amenity and transportation-rich submarket, the building has a strong tenant roster.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
