March 8, 2017 Comments Off on $18M Loan Buys Greenpoint Value-Add Views: 246 New York News, Outer Boroughs New York

$18M Loan Buys Greenpoint Value-Add

An investor received $18 million in permanent financing to buy a set of eight properties in the Greenpoint neighborhood of Brooklyn.

“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,” said Josh Zegen, co-founder and managing principal of Madison Realty Capital (MRC).

The undisclosed investor contributed $11 million of cash equity to complete the $29 million acquisition of the 64,000-square-foot portfolio, which includes 73 market-rate apartments and 14 commercial units.

“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,” according to MRC.

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