Madison Realty Capital has provided $106 million in construction financing to a partnership between Arch Companies and AB Capstone for the ground-up development of a mixed-use project in New York City.
Myrtle Point is a 17-story, 284,000-sq.-ft. mixed-use building at 3-50 St. Nicholas Ave. along the border of Bushwick, Brooklyn and Ridgewood, Queens.
The project will comprise 130,000 sq. ft. of commercial retail space, leased to two big box credit retailers; 133 residential units, which will include a 30 percent affordable component.
The project, designed by S9 Architecture, will consist of a four-story commercial base topped with a 13-story residential tower offering an abundance of light and air.
