The debt package from TPG includes a $17 million gap mortgage. Part of the financing replaces an $11.8 million mortgage Madison received from Emigrant Bank last year for the property at 504 Myrtle Avenue.
Madison originally filed its plans to develop the rental, called the Posthouse, on the former site of the Pratt Station Post office in 2014. The new structure contains 143 units, 29 of which are affordable.
Meanwhile, TPG — which raised a $2 billion real estate fund in 2015 — teamed up with Deutsche Bank in May on a $164.3 million condo inventory loan for Tessler Developments’ 33-story tower at 172 Madison Avenue.
Madison and TPG did not immediately respond to requests for comment.