Loan Saves Queens Condo from Auction Block

Madison Realty Capital closes $14 million for a mixed-use condo property in Flushing, N.Y.; URS Capital Partners completes its third apartment acquisition in Charleston; and NorthMarq Capital arranges a $16.8 million refinance through PPM.
148-28 38th Avenue Flusing

148-28 38th Ave. – Google Street View

Flushing, N.Y.—Madison Realty Capital has closed a $14 million first mortgage loan to recapitalize a mixed-use building in Flushing. The loan prevented an imminent foreclosure auction of 142-28 38th Ave., and let the borrower maintain control of the property. This was good news since the potential auction generated significant investor interest, with nearly 100 potential bidders, according to MRC.

Also known as the Shirokia Tower, the 2009-built property features 23 condo units, three commercial units and 47 parking spaces. MRC has closed in excess of $125 million of financing for major properties in downtown Flushing.

URS Capital Partners completes third apartment deal in Charleston

URS Capital PartnersCharleston, S.C.—URS Capital Partners has completed its ninth apartment purchase in the past five years—and its third in Charleston—with the purchase of Palmetto Point. The firm acquired the asset using the combination of bridge financing and equity, and a $2 million upgrade plan is in the works.

Improvements will include full unit renovations and the addition of a new pool, sundeck and outdoor kitchen. The asset will also be rebranded Oasis @ West Ashley.

URS Capital Partners is targeting $55 million in acquisitions over the next 12 months.

NorthMarq Capital arranges  $16.8M refinance  through PPM

Cincinnati–Susan Branscome, managing director of NorthMarq Capital’s Cincinnati based regional office, arranged the refinancing of $16.8 million for Aspen Pines Apartments in Wilder, Ky.

Aspen Pines Apartments is a 245-unit Class A multifamily property, located at 1700 Aspen Pines Drive in Wilder. The transaction featured an excellent interest rate. NorthMarq arranged financing for the borrower, through its relationship with PPM.

“PPM and this borrower have a longstanding relationship and PPM offered excellent loan terms to the borrower,” noted Branscome.