Well-Located Asset Offers Outstanding Harbor Views and Access to Transportation in Growth Area of Staten Island; Borrower Plans to Lease Available Space and Stabilize Building
NEW YORK, May 28, 2015 /PRNewswire/ — Madison Realty Capital (MRC), an institutionally-backed real estate investment firm focused on real estate equity and debt investments in the middle markets, provided an $18.0 million first mortgage loan for the acquisition of One Edgewater Plaza. The loan is collateralized by a seven-story, 270,000 square foot office property located in the Clifton neighborhood of Staten Island, midway between the Verrazano Bridge and the Staten Island Ferry Terminal as well as a neighboring 4,100 square foot industrial building located at 100 Edgewater Street. With a time of the essence closing, MRC was able to cohesively work with the borrower to quickly execute a successful transaction for both parties.
"We have been an active real estate investor in the North Shore neighborhoods of Staten Island, where we've seen tremendous momentum building over the past few years," said Josh Zegen, Co-Founder and Managing Principal of MRC. "We're seeing a major influx of multifamily and retail development, including attractions like the New York Wheel and the new outlet mall, which will have a beneficial impact on all aspects of the Staten Island real estate market. Our experience with the local market and the overall level of activity enabled us to work quickly with this repeat borrower to custom-tailor a financing solution and help maximize the value of this formerly under-managed asset."
One Edgewater Plaza, located at 1 Edgewater Street, is approximately 75% leased. Major long-term tenants include Staten Island University Hospital, New York City Board of Elections, and the New York City Police Department. The borrower plans to stabilize the asset to add value, and is actively pursuing additional tenants. The property offers incredible views of Manhattan and New York Harbor, abundant parking on a 7.41-acre site, and excellent access to transportation.
The North Shore neighborhoods of Staten Island include Clifton, St. George, Stapleton and the Tompkinsville, and have been the focus of a major development push. The $350 million Empire Outlets shopping mall and entertainment complex and the massive 630-foot Ferris wheel are coming to St. George. In addition to the new shopping mall, a $250 million project called Urban Ready Life (URL) is under development in Stapleton. URL will consist of approximately 900 rental apartments, including a first phase of more than 500 studio, single- and two-bedroom apartments, and a significant retail component. MRC has previously invested in multifamily and retail properties located along the North Shore.
About Madison Realty Capital (MRC)
MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market. Founded in 2004, MRC has invested in approximately $3 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.
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