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Madison Realty provides $76m in financing for 12-story Brooklyn building
Transactions - SEPTEMBER 25, 2019

Madison Realty provides $76m in financing for 12-story Brooklyn building

by Kali Persall

Madison Realty Capital (MRC) has originated a $76 million financing package to fund the acquisition of a 12-story, 177,966-square-foot mixed-use building in downtown Brooklyn.

The financing includes both an MRC senior loan and additional mezzanine financing from Bluestone Group.

Located at 85 Flatbush Ave., the recently constructed property includes the boutique Tillary hotel, as well as a ballroom, restaurant and a bar/lounge; an attached 64-unit luxury multifamily building; and a separate parking garage.

The property is situated near the Manhattan Bridge, within walking distance of several local attractions, such as the Barclays Center. The hotel and residential components have separate designated entrances and function independently with some shared amenities, including a fitness center, boutique cafe, business center, meeting center, multiple roof decks and outdoor space, and parking.

 

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