Madison Realty Capital provided a $37 million loan for a 92-unit rental conversion in Williamsburg, the firm told The Real Deal exclusively.
The 78,773-square-foot project involves converting a former Roman Catholic Diocese of Brooklyn church at 163 North 6th Street and a five-story former school at 180 North 7th Street. The church site will feature 38 units, while the latter will have 54. All Year Management, also known as the North Flats LLC, bought both properties for $10.7 million from the church in 2011, PropertyShark data show.
Rushmore Capital Partners served as an adviser on the deal. The funds will go toward wrapping construction and paying off existing debt on the property, a release said. — Mark Maurer