Madison Realty Capital borrows $105M from Signature Bank for Drake rental in Rego Park

=Madison Realty Capital through the entity 62-60 99th Street Owner Ii LLC as borrower signed a loan agreement with lender Signature Bank valued at $105 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 419 residential units at 62-60 99th Street in Rego Park. The deal closed on February 3, 2020 and was recorded on February 10, 2020.
The property contains a total of 503,000 square feet of built space.
The average loan per unit is $250,597.
The new debt package includes a $17.3 million gap loan. The last time the property sold was June 30, 2016, when Madison bought it for $135,500,000.

Over the past five years, there have been 22 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 22 renovation/alteration projects (A2) applied for with a total estimated value of $13,716,775.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link