Madison Realty Capital Provides $35.0 Million Loan for Mixed-Use Development Located at 90-75 Sutphin Boulevard in Jamaica, Queens
MRC Loan to Fund Renovation and Expansion of Currently Vacant Building into New Development with Hotel, Retail, Office, and Parking
NEW YORK, May 4, 2018 /PRNewswire/ -- Madison Realty Capital (MRC) closed a $35.0 million first mortgage loan collateralized by a mixed-use development site situated at 90-75 Sutphin Boulevard in Jamaica, Queens. The site currently houses a vacant, six-story 92,000-square-foot commercial building – the borrower, an experienced Queens-based developer, plans to expand the property into a new 19-story, 206,197-square-foot development that will include a 181-room hotel, 28,103-square feet of office space and 3,729 square feet of retail space.
The borrower purchased the property in 2015 and construction of the new mixed-use development project is expected to take place over the next 24 months. The MRC loan proceeds will be used to refinance the existing debt, fund an interest reserve and cover costs.
"With significant rezoning, infrastructure improvements and economic initiatives well underway, Jamaica is undergoing a revitalization that has turned the market into a booming hub of development. New York City developers are eager to capitalize on the anticipated continued growth of the Jamaica market and the new project at 90-75 Sutphin Boulevard is poised to become a standout in this region," said Josh Zegen, Co-Founder and Managing Principal of MRC. "We instantly recognized the value of this opportunity on account of our familiarity with the overall Queens market as well as our previously successful MRC lending and acquisition deals in Jamaica. The financing we are providing for this project will help the borrower turn a vacant building into a thriving hospitality, office and retail development and we look forward to its completion."
The 90-75 Sutphin Boulevard property is situated midblock on a 17,400-square-foot lot with 54 feet of frontage along Sutphin Boulevard and 120 feet of frontage along 147th Place. The western half of the development will remain six stories tall and will include the retail and office components of the property. The 3,729-square-foot retail space will be located on the ground floor with 28 feet of frontage along Sutphin Boulevard. The remainder of the ground floor will include an office lobby with two office elevator banks. The 28,103-square-foot office space will be located on floors two through six.
The 19-story eastern portion of the project will house the hotel, which is expected to be a Hampton Inn & Suites. The 181-room hotel will include a mix of 62 suites, 50 king rooms, 56 double queen rooms and 13 handicap suites. The rooms will be located on floors 3 through 19 of the hotel with the hotel lobby on the first floor and a 92-seat bar and restaurant, fitness center, meeting space, and open, outdoor terrace on the second floor. The project will also include one floor of below grade 17,400-square-foot cellar space where the 37 valet parking spaces will be located.
About Madison Realty Capital (MRC)
MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market. Founded in 2004, MRC has invested in approximately $7.0 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.
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SOURCE Madison Realty Capital
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