Madison Realty Capital has provided a $29.4 million bridge loan to a joint venture backed by leading New York City–based developers for the acquisition and pre-development of the former Parkway Hospital building in the Forest Hills neighborhood of Queens, N.Y..
“We are thrilled to provide flexible bridge financing to a group of highly seasoned real estate developers and operators to support the acquisition and early stages of pre-development of the former Parkway Hospital,” said Josh Zegen, managing principal and co-founder of Madison Realty Capital. “As a fully integrated real estate investment firm, with significant expertise investing in the Queens residential market, we were able to quickly and efficiently support our borrowers through the early stages of an attractive residential project that will serve New York City’s senior population in a high-barrier-to-entry market.”
The joint venture comprises Uri Mermelstein and Joseph Yushuvayev’s Top Rock Ho
