Madison Realty Capital has provided a $106 million construction loan for Myrtle Point, a 17-story mixed-use tower that will be developed by Arch Cos. and AB Capstone along the border of Brooklyn and Queens, N.Y. The 284,000-square foot structure will feature 133 residential units along with 130,000 square feet of retail space across a four-story base.
Designed by S9 Architecture, the project at 3-50 St. Nicholas Ave. is located at the edge of Brooklyn’s Bushwick neighborhood and Ridgewood, Queens. Thirty percent of the units across the building’s 13 residential floors will be designated as affordable. The project’s commercial base will house two “big box credit retailers,” which were not named in Madison Realty Capital’s announcement of the financing.
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The nearly 1-acre site is adjacent to the Myrtle-Wyckoff Avenues subway station serving the M and L Trains as well as the Ridgewood Intermodal Bus Terminal. Upon completion, the tower is slated to be the tallest building in the growing Ridgewood area, where Camber Property Group and RD Management completed the 132-unit apartment building The Strand last year.
Banking on the boroughs
Arch is bullish on rising outer-boroughs neighborhoods like Ridgewood, which has absorbed an influx of new residents in recent years, the company noted in a statement. Founded in 2017, Arch is also developing 11 Greene, a 31-unit luxury apartment building that is slated to deliver early this year in Lower Manhattan’s SoHo district, and 550 Metropolitan Ave., a nine-unit, boutique residential and retail building in Williamsburg, Brooklyn.
The real estate investment and development firm has a portfolio of more than 3.4 million square feet across the U.S., including more than 3,000 multifamily units. In late 2019, Arch acquired a 1,125-unit portfolio of four apartment communities across North and South Carolina for $61 million, with plans to upgrade and rebrand the properties.