Madison Realty assigns $25M to Sterling National secured by Industrie Capital’s Gowanus rehab

Josh Zegen’s Madison Realty Capital through the entity 94 9th Street 1 LLC as original lender, assigned $25 million in debt to Sterling National Bank secured by 1 parcel, including the tax class miscellaneous warehouse (E9) at 94 9th Street in Gowanus. The deal closed on March 25, 2020 and was recorded on April 29, 2020.
The property contains a total of 173,543 square feet of built space.

Madison Realty Capital sold this $25 million participating interest to Sterling. The original debt is a construction loan with a total value of $31.45 million when it was issued in July 2018 to borrower Industrie Capital Partners for its redevelopment of 94 9th Street.

Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $7,000,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $2,672,900.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link