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Madison Realty Capital provides $106M for Myrtle Point development

Rendering of Myrtle Point (Credit: Commercial Observer)

Arch Companies and AB Capstone have secured $106 million in construction financing from Madison Realty Capital for a mixed-use project at 3-50 St. Nicholas Avenue in Ridgewood, Queens, CO first reported.

  • Dig Deeper: Upon completion, the 17-story development will consist of 130,000 SF of retail space and 133 apartments (30% affordable) spread across 93,481 SF. The building will also have 341 on-site parking spaces.
  • Heard on the Street: Madison Realty Capital’s Josh Zegen told CO: “The transaction represents our ability to leverage our familiarity with the needs of our repeat borrowers to efficiently create customized financing solutions.”
  • Great location: The development is situated long the border of Bushwick, Brooklyn and Ridgewood, Queens. It’s easily accessible via public transportation, as it sits adjacent to the Myrtle-Wyckoff Avenue L/M subway stop. [CO+MRC]

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