Madison Realty Capital is adding $100 million to its loan in a Bedford-Stuyvesant condo complex called Cascade.
Empire State Management, Abraham Brach and Nachman Leibowitz are constructing the seven-building complex, which will span 400,000 square feet along the Bed-Stuy-Williamsburg border, according to Commercial Observer. Madison Realty Capital previously loaned $88 million last year to the project for its first phase.
The project will include seven buildings overall at 104, 114 and 134 Stockton Street, 833-869 Myrtle Avenue and 553-569 Marcy Avenue. The first phase of the project consisting of 97 units should be finished this year, and the second phase consisting of 137 units should be finished by early 2020.
Cascade will include 41,000 square feet of retail as well, and the buildings will range from six to 10 stories tall. The first round of construction financing closed last year, and multiple units are under contract.
The project’s developers were initially planning to build religious housing on the site, which used to house the Cascade Linen factory, but changed their plans to luxury apartments last year, with prices ranging from $1 million to $2 million. [CO] – Eddie Small