Madison Realty Capital (MRC), an institutionally-backed real estate investment firm focused on real estate equity and debt investments in the middle markets, provided an $18.0 million first mortgage loan to finance the acquisition of an 8-property, 64,438 square foot multifamily and mixed-use portfolio in Greenpoint, Brooklyn, according to Josh Zegen, Co-Founder and Managing Principal of MRC.
The portfolio consists of 3 Sutton Street, 5 Sutton Street, 657 Meeker Avenue, 661 Meeker Avenue, 667 Meeker Avenue, 669 Meeker Avenue, 673 Meeker Avenue, and 164-166 Kingsland Avenue.
The purchaser contributed approximately $11 million of cash equity to complete the acquisition from the previous owner, and plans to maximize value through renovation and repositioning.
"Greenpoint has attracted the attention of institutional and mid-market investors alike with its incredible waterfront, growing base of retail and recreational amenities, and classic New York neighborhood feel," Zegen said. "We're pleased to facilitate this acquisition by delivering a financing solution for the purchaser. MRC is familiar with the neighborhood and the specific properties, and we were able to review and underwrite the deal quickly."
In the aggregate, there are 73 market rate residential units and 14 commercial units in the portfolio. The properties should be well-positioned to compete for renters priced out of more expensive areas of Greenpoint and nearby neighborhoods like Williamsburg and Long Island City.
Rosewood Realty Group's Aaron Jungreis, Ben Khakshoor and Mike Kerwin brokered the deal.