Parkway Hospital buyers land bridge loan from Madison Realty Capital

JV plans residential complex at long-shuttered Forest Hills property

From left: Parkway Hospital in Forest Hills, Top Rock Holdings’ Uri Mermelstein, Joseph Yushuvayev, Madison Realty Capital's Josh Zegen and SYU Properties’ Josif Elishayev (Google Maps, LinkedIn, Getty)
From left: Parkway Hospital in Forest Hills, Top Rock Holdings’ Uri Mermelstein, Joseph Yushuvayev, Madison Realty Capital's Josh Zegen and SYU Properties’ Josif Elishayev (Google Maps, LinkedIn, Getty)

A joint venture has secured $29.4 million in bridge financing for its purchase of the former Parkway Hospital in Forest Hills, which will be redeveloped into a residential complex.

Madison Realty Capital provided the floating-rate loan to SYU Properties, Top Rock Holdings and RJ Capital, which closed last month on the long-shuttered property at 70-35 113th Street. The purchase price was $31.7 million for the 360,000-square-foot lot.

The architect on the project is SLCE.

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The new owners want to redevelop the six-story building, adding affordable units for seniors on the existing floors and market-rate apartments on new construction that would be built over it. They would also develop a 250,000-square-foot condo tower on the property, according to previous plans.

Top Rock principal Uri Mermelstein has said the tower would likely be 15 to 16 stories, and that construction would start early next year.