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New Affordable Office Space on its way to Clinton Hill

September 29, 2013
Brooklyn Navy Yard

Brooklyn Navy Yard Plans

Madison Realty Capital announced that it closed a deal to underwrite a $21 million first mortgage loan for the purchase of an office building located in the Clinton Hill section of Brooklyn.

The eight-floor office building was built in 1951 and contains 214,710 square-feet of space, which is at the moment being used as a warehouse. The intention of the borrower is to upgrade the building to a Class A office space and then offer reasonable rental agreements to tenants who are in need of affordable offices for their firms.

An additional $10 million has been committed by MRC conditionally to finance the renovation of the building, bringing the total offer from MRC to $31 million to the borrower.

“This latest financing is consistent with our focus of providing lending solutions that meet the needs of experienced borrowers pursuing quality development opportunities,” said Joshua Zegen, Co-Founder and Managing Member of MRC.

“The location and long-term strategy for this property has it well-positioned for success and the speedy completion of this deal will allow the borrower to move forward without further delay. We are pleased to be the lender of record on this transaction.”

The loft-style building is in a section of Clinton Hill known at the Wallabout neighborhood, and is in close proximity to the Brooklyn Navy Yard, which is now undergoing a development revolution which has attracted national movie studies and other tenants.

Not only will the building, located at 29 Ryerson Street, house offices, but its approximately 70 feet of frontage on Flushing Avenue will make it an ideal location for retail space due to the large amount of foot traffic on that major thoroughfare.


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