Josh Zegen, managing principal of Madison Realty Capital
NEW YORK CITY—A former umbrella factory in Williamsburg, Brooklyn has been acquired by SL Development, which will build a mixed-use luxury condominium project at the site.
Madison Realty Capital reports it has provided the New York City-based development firm $53.5 million in first mortgage loan financing for the purchase and construction of a 90,000-square-foot project on the development site at 722 Metropolitan Ave. The property is located between Metropolitan Avenue and Graham Avenue in Williamsburg.
Construction is expected to begin this month and the project is expected to be completed in July 2019. Aaron Appel, Michael Diaz, and Alex Witt from JLL sourced the deal to MRC and represented SL Development in the transaction.
The property had been operated as an umbrella factory since 1933. Upon completion of the new development, the property will include 69 high-end, luxury residential condominiums with 18 parking spaces and approximately 20,000 square feet of at grade retail space. The development will also feature a residents’ gym and a roof deck.
“This was an attractive financing opportunity for MRC,” says Josh Zegen, managing principal of Madison Realty Capital. “Our substantial investment experience throughout the New York City market allowed us to quickly understand the borrower’s needs and provide a single source of financing, which will ultimately facilitate a smooth execution of the business plan.”
He adds, “We believe the borrower has acquired a prime site in a great location that will generate strong interest when completed and we’re pleased to help facilitate this exciting project.”
SL Development has engaged Rawlings Architects to design the project, according to Madison Realty Capital.