All Year Management obtains $270m loan for mixed-use project in New York
July 18, 2017 – All Year Management has secured a $270m construction loan from Madison Realty Capital (MRC) for a major development at the former Rheingold Brewery site in Brooklyn, New York.
All Year Management is developing two separate buildings that cover an area of more than one million square feet. The developments will feature 911 residential units, 20,650 sq ft of retail space and 533 parking spaces.
Located at 123 Melrose Street and 54 Noll Street in Bushwick, both projects are part of the former Rheingold Brewery complex.
Earlier, MRC sanctioned a bridge loan for site acquisition and pre-development, and now the company is offering full construction financing for the project.
The developer has obtained all necessary approvals from the NYC Department of Buildings and NYC Housing Preservation & Development.
MRC co-founder and managing principal Josh Zegen said: “This transaction presented a great opportunity for MRC. We know the borrower well, having financed several previous projects for them, and we know Bushwick well from our prior investments in the neighborhood.
“Approvals are already in place, construction is well under way, and the borrower has invested significant equity into the development. We believe that this large, high-profile project will be a success and we’re pleased to play a key role in it by providing the construction financing.”