Madison Realty Capital borrows $85M from Citigroup for multifamily properties in Clinton Hill

Madison Realty Capital through the entity 504 Myrtle Residential Owner LLC as borrower signed a loan agreement with lender Citigroup through the entity Citi Real Estate Funding Inc. valued at $85.0 million for 3 parcels, including the tax class commercial condo recorded in Acris (CC) and containing 236 residential units at 490 Myrtle Avenue, 504 Myrtle Avenue, 504 Myrtle Avenue in Clinton Hill. The deal closed on November 18, 2019 and was recorded on January 10, 2020.
The property contains a total of 80,743 square feet of built space.
The average loan per unit is $360,169.
Signature Bank held $35 million in prior debt, while TPG Real Estate held $63 million in prior debt. Those loans were assigned to Citigroup.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link