Madison Realty buys $55M Leser Group loan from Axos, then sells portion back to bank

Madison Realty Capital purchased a $55 million loan from Axos Bank on June 30 secured by Leser Group’s property at 1560 60th Street in Kensington. Then, Madison turned around and sold a $41.2 million participation interest in that loan to Axos Bank.
The property is the tax class multifamily, semi-fireproof (without stores) (D1) and containing 143 residential units at 1560 60th Street in Kensington.
The property contains a total of 209,512 square feet of built space.

The last time the property sold was April 17, 2013, for $17,500,000.

Over the past five years, there have been 14 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There have been 13 new building permit applications totaling 208,960 square feet. Those plans include a total of 128 residential or hotel units. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link