Madison Realty provides $27m financing for Brooklyn project 

Madison Realty Capital (MRC) has closed a $27 million first mortgage loan for the development of a 68-unit mixed-use residential building located at 93 Linden Street and the rehabilitation of an adjacent two-story community facility at 395 Evergreen Avenue in the Bushwick neighborhood of Brooklyn, N.Y.

The borrower has completed approximately 35 percent of the project and has slated its completion for the first quarter of 2020, having injected substantial cash into the property since its January 2016 acquisition. MRC previously provided the sponsor with a $90 million financing package in the immediate area, which enabled a seamless closing in under 30 days. 

“Our previous work with the borrower in the neighborhood gave us the comfort needed to proceed with this financing package, as well as the confidence that they will s