Madison Realty Capital provides US$450 million loan to The Rabsky Group

KUALA LUMPUR, Sept 15 -- Madison Realty Capital, a vertically integrated real estate private equity firm, has provided a US$450 million loan to The Rabsky Group, to complete development of a 1,098-unit, 35-story multifamily and retail mixed-use property at 625-635 Fulton Street at the intersection of Flatbush Avenue in Downtown Brooklyn, New York. (US$1 = RM4.162)

Managing Principal and Co-Founder of Madison Realty Capital, Josh Zegen, in a statement said: “This transaction represents Madison Realty Capital’s ability to deliver speed, certainty, and execution to top-tier borrowers in highly attractive submarkets.”

“Accordingly, we are pleased to provide The Rabsky Group, a highly sophisticated and experienced developer with significant holdings throughout the New York metropolitan area, with a large and flexible financing solution.”

Brooklyn is New York City’s most populous borough and is home to one of the most diverse economies in the country. Proximity to major employment hubs and education centres have made Downtown Brooklyn one of New York’s fastest growing residential markets.

The property is located within the Brooklyn Tech Triangle, an area comprising Downtown Brooklyn, DUMBO, and the Brooklyn Navy Yard that has emerged as New York City’s largest cluster of tech activity outside of Manhattan and is within two blocks of 10 different subway lines.

Designed with two interconnected residential towers atop a five-storey podium, the property will offer 590,096 rentable residential square feet across 342 studios, 492 one-bedroom and 264 two-bedroom units and 30 per cent of the units will be affordable through the Affordable New York programme.

Residents will enjoy top-of-the-line amenities including a fitness facility, spa, recreation areas, in-unit washers and dryers, lounges, and a rooftop outdoor pool with views of Manhattan and Brooklyn.

More details at www.madisonrealtycapital.com.

-- BERNAMA