Madison Realty Capital (MRC) has provided $27 million to Joseph Brunner and Abe Mandel’s Bruman Realty backed by the firm’s new rental building under construction in Bushwick, Brooklyn, Commercial Observer has learned.
The first mortgage financing went towards Bruman’s development of a 68-unit mixed-use residential asset at 93 Linden Street and the rehabilitation of an adjacent two-story community facility at 395 Evergreen Avenue, sources told CO.
Roughly 35 percent of the five-story project is complete and the developer is anticipating a wrap in construction in the first quarter of 2020.
The asset at 93 Linden Street will provide a mix of studios, one- and two-bedroom units, 30 percent of which will be affordable.
“Our previous work with the borrower in the neighborhood gave us the comfort needed to proceed with this financing package, as well as the confidence that they will successfully deliver yet another quality asset,” MRC co-Founder and Managing Principal Josh Zegen said in a prepared statement. “In addition, we have deep expertise and confidence in the Bushwick market, which is experiencing significant development activity as residential tenants and commercial users alike are being priced out of neighboring areas in Brooklyn.”
MRC has previously supported other Bruman endeavors in Bushwick. In December 2016, the firm provided $90 million in construction debt to fund Brunner and Mandel’s 218,700-square-foot, 232-unit twin rental complex at 889 Bushwick Avenue and 340 Evergreen Avenue. Benefit Street Partners Realty Trust took out MRC in July last year with a $110 million refinance.
Bruman Realty could not immediately be reached.
from Commercial Observer http://bit.ly/2V59Mp1