By Dees Stribling, Contributing Editor
New York—Victoria Towers, a mixed-use development in the borough of Queens in New York, has obtained recapitalization financing totaling $50 million. The property is a 21-story building featuring 99 residential condo units, a 24,000-square-foot commercial condominium and 88 below-grade parking spaces.
According to Josh Zegen, managing member of Madison Realty Capital, which originated the bridge loan, the deal allows the borrower, a private developer, to simplify the capital structure of the project. The loan will also enable the developer to finish construction of the condos.
The residential part of the development includes such amenities as a gym and lap pool. The retail part is a three-story commercial building with retail space at grade level and commercial space on the two floors above. It has a total of 52 commercial units.
The property is located in the well-known neighborhood of Flushing, Queens. The area has seen significant recent business and job growth, even during the hardest years of the recession, and the residential real estate market has strengthened as a result. Victoria Towers in only one of a number of new condos under way to meet rising demand. Douglas Elliman reports that the number of condos for sale in Queens in the first quarter of 2013 was 6,496 units, down from 8,683 units listed in the fourth quarter of 2012.
Anand Melwani of ARM Real Estate Group and Francis Leung of Okada & Co. represented the borrower in the transaction. Madison Realty Capital is an institutionally backed firm specializing in debt and equity middle-market CRE throughout the United States.