NEW YORK, June 25, 2021 (GLOBE NEWSWIRE) — Madison Realty Capital, a fully integrated real estate private equity firm focused on debt and equity investment strategies, today announced it has provided a $29.4 million bridge loan to a joint venture backed by leading New York-based developers for the acquisition and pre-development of the former Parkway Hospital building in Forest Hills, Queens, which recently obtained approvals for a residential development prior to close.
“We are thrilled to provide flexible bridge financing to a group of highly seasoned real estate developers and operators to support the acquisition and early stages of pre-development of the former Parkway Hospital,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “As a fully integrated real estate investment firm, with significant expertise investing in the Queens residential market, we were able to quickly and efficiently support our borrowers through the early stages of an attractive residential project that will serve New York City’s senior population in a high barrier to entry market.”
The joint venture is comprised of Uri Mermelstein and Joseph Yushuvayev’s Top Rock Holdings, Yosef Elishayev’s SYU Properties, Rudolf Abramov and Iosif Abramov’s RJ Capital Holdings and Rami Borochov and Reuven Borochov. The group’s redevelopment plans include transforming the Parkway Hospital into affordable senior housing and building a Class A residential condominium.
About Madison Realty Capital
Madison Realty Capital is a New York City based real estate private equity firm focused on debt and equity investment strategies with regional offices in key markets including Los Angeles and Dallas. Founded in 2004, MRC has closed on approximately $14 billion of transactions in the multifamily, retail, office, industrial and hotel sectors nationwide. The firm manages investments in the United States on behalf of a global investor base. MRC is a fully integrated firm with over 60 employees across all real estate investment, development, and property management disciplines. Among other industry recognitions, MRC has been named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as one of the industry’s top construction lenders. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.
CONTACT: Nathaniel Garnick/Grace Cartwright Gasthalter & Co. (212) 257-4170 madisonrealty@gasthalter.com
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