NEW YORK, Jan 20 (Bernama-GLOBE NEWSWIRE) — Madison Realty Capital, a New York City based real estate private equity firm focused on debt and equity investment strategies, today announced it has provided $53 million in construction financing to Heritage Equity Partners, led by Toby Moskovits and Michael Lichtenstein, for a 150-unit ground-up multifamily development located at 875 4th Avenue between 32nd and 33rd Streets, in “South Park Slope,” also known as the Sunset Park neighborhood of Brooklyn, NY.
The construction loan features a LIBOR-based floating rate and was arranged by Meridian Capital Group and its Director Elliot Kunstlinger, who has a working relationship with both Heritage Equity Partners and Madison Realty Capital. The project is expected to be completed by the second quarter of 2022. Heritage Development, a vertically integrated development and management firm with a focus on residential, commercial, and hospitality projects, is serving as general contractor for the project.