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NEW YORK, Dec. 08, 2021 (GLOBE NEWSWIRE) — Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced it has provided a $125 million loan to RB Realty Capital for the development of a 330,000 square foot mixed-use building located at 98-08 Queens Boulevard in Rego Park in Queens, New York.
The 22-story property will include 155 multifamily units and 31 residential condominiums in a mix of studio, one- and two-bedroom layouts. The Class-A property will offer 94,654 square feet of retail and community facility space, luxury amenities including a roof deck, fitness center, yoga room, playroom and lounge, and a 365-car parking garage. Through the Affordable New York program, 30% of the multifamily residences will be affordable.
“Rego Park is a rapidly expanding neighborhood with exciting new retail developments, yet newly built, high-quality living options have not kept pace with growing demand,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “Madison Realty Capital is pleased to leverage our significant expertise investing across New York City’s boroughs to provide efficient and flexible financing to RB Realty Capital, a family-owned business with over thirty years of experience in Queens and support an attractive new residential development that adds conveniently located affordable housing in Rego Park.”
Avi Matatov, Principal of RB Realty Capital added, “Madison Realty Capital has a strong track record supporting borrowers developing top-tier mixed-use projects in Queens and across New York. Their team is highly professional, and we are excited to leverage our deep familiarity with the neighborhood to deliver new residences with substantial affordable housing options.”
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that, as of September 30, 2021, manages approximately $7.5 billion in total assets on behalf of an institutional global investor base. Since 2004, Madison Realty Capital has completed more than $16 billion in transactions in the U.S. providing reputable borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with an office in Los Angeles, the firm has over 60 employees across all real estate investment, development, and property management disciplines. Madison Realty Capital has been frequently named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as a top construction lender, among other industry recognitions. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.
Nathaniel Garnick/Grace Cartwright Gasthalter & Co. (212) 257-4170 [email protected]