MRC Provides $106M on MXU Straddling Two Boroughs

Madison Realty Capital (MRC) provided $106 million in construction financing to a partnership between Arch Companies and AB Capstone for the ground-up development of Myrtle Point, a 17-story, 284,000-square-foot mixed-use building along the border of Bushwick, Brooklyn and Ridgewood, Queens.

The project will comprise 130,000 square feet of commercial retail space, leased to two big-box credit retailers; and 133 residential units, which will include a 30% affordable component.

Strategically aligned to benefit from direct access to the MTA Subway via the M and the L Trains and the Ridgewood Intermodal Bus Terminal, Myrtle Point will consist of a four-story commercial base topped with a 13-story residential tower.

“We are excited about this project on the Bushwick and Ridgewood border, given its accessibility to public transportation options and high quality retailers,” said Josh Zegen, managing principal and co-founder of MRC.

By: connect new york


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