Madison Realty Capital signs $179.2M refi loan with TPG for two rentals in Greenpoint

Madison Realty Capital through the entity Dupont Street Owner 2 LLC as borrower signed a refi loan with lender TPG Angelo Gordon through the entity TPG Re Finance24, Ltd. valued at $179.2 million for two residential elevator properties with 548 residential units including the 342-unit residential elevator building (D7) at 75 Dupont Street in Greenpoint, Brooklyn and 206-unit residential elevator building (D7) at 65 Dupont Street in Greenpoint, Brooklyn.
The deal closed on November 25, 2025 and was recorded on December 11, 2025. The prior lender was Elliott Investment Management which held debt that had an original loan amount of $179.2 million.The two properties have 503,787 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $355 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Madison Realty Capital was David Speiser . The signatory for TPG Angelo Gordon was Jordan Kolar.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 75 Dupont Street.

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Zachary Kadden, head officer and Jaime Sanmiguel, officer. The business entities are Firstservice Residential and Dupont Street Owner 2 Llc.

The property

The residential elevator building with 342 residential units in Greenpoint has 503,787 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 48,975 square feet. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.9 million. The property has 194 rent regulated units according to city tax records from 2024.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $20,620 in OATH penalties in the last year.

Development

On these lots, there are two active new building construction projects and major alteration projects with initial costs more than $5 million, totaling 244,255 square feet. The largest, 321805828, is a new building project for a 186-unit, 142,096 square-foot R-2 building submitted by Yoel Schwimmer and filed by Yoel Schwimmer with plans filed July 18, 2018 and permitted June 26, 2023. The second largest, 321805855, is a new building project for a 139-unit, 102,159 square-foot R-2 building submitted by Yoel Schwimmer and filed by Yoel Schwimmer with plans filed July 18, 2018 and permitted January 3, 2023.

The block

On the tax block of 75 Dupont Street, PincusCo has identified the owners of 20 of the 23 commercial properties representing 188,135 square feet of the 197,431 square feet. The largest owner is Madison Realty Capital, followed by Sela Group and then Leszek Dudzinski.
On the tax block, there were two new building construction projects totaling 244,255 square feet. The largest is a 186-unit, 142,096 square-foot residential (R-2) building submitted by Yoel Schwimmer and filed by Yoel Schwimmer with plans filed July 18, 2018 and permitted April 28, 2022. The second largest is a 139-unit, 102,159 square-foot residential (R-2) building submitted by Yoel Schwimmer and filed by Yoel Schwimmer with plans filed July 18, 2018 and permitted January 3, 2023.

The majority, or 34 percent of the 197,431 square feet of built space are industrial buildings, with development buildings next occupying 28 percent of the space.

The borrower

The PincusCo database currently indicates that Madison Realty Capital owned at least 59 commercial properties with 2,653 residential units in New York City with 2,615,652 square feet and a city-determined market value of $357.5 million. (Market value is typically about 50% of actual value.) The portfolio has $1.5 billion in debt, with top three lenders as Signature Bank, MF1 Capital, and Elliott Investment Management respectively. Within the portfolio, the bulk, or 75 percent of the 2,615,652 square feet of built space are elevator properties, with walkup properties next occupying 12 percent of the space. The bulk, or 41 percent of the built space, is in Queens, with Manhattan next at 30 percent of the space.

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