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AB Capstone lands $37M loan to develop Ridgewood project
Madison Realty Capital is the lender
Meir Babaev’s AB Capstone secured a $37.5 million land and predevelopment loan from Madison Realty Capital for its planned mixed-use project in Ridgewood.
The company plans to build a 17-story, 235,000-square-foot property on an assemblage including 3-36 and 3-50 Saint Nicholas Avenue, 1637 Woodbine Street and 5431 Myrtle Avenue.
AB is using the loan to pay for the acquisition of the Myrtle and Woodbine lots — currently occupied by two small commercial buildings — and to pay off previous loans, buy out a partner and start foundation work, the company said in a statement.
The project will include 129 apartments, 90,000 square feet of commercial space and 352 parking spaces.
No brokers were involved in the loan deal.
Last year AB Capstone sold a Williamsburg rental building for $43.3 million.
Josh Zegen’s Madison is one of New York’s most active commercial real estate lenders. Last month the company issued a $91 million construction loan for JDS Development and Largo Investments’ Fitzroy condo project in Chelsea.