Madison Realty Capital has provided businessman and developer Jeffrey Wu with a $66m loan for the refinancing of a 100,500 sq ft mixed-use commercial property and the commercial components of the Victoria Towers residential condo building in Flushing, Queens.
The 18-month bridge loan allows Wu to recapitalize the properties after negotiating a discounted payoff with a special servicer who was managing them.
The collateral on the deal includes the 100,500 sq ft, three-story mixed-use office and retail building at 41-60 Main Street; a 24,000 sq ft retail condominium and 88-car parking garage at 133-38 Sanford Avenue, which sit below Wu’s Victoria Towers, in addition to 18 of its unsold residential condo units.
The property at 41-60 Main Street features 250 ft of frontage along Main Street, with a tenant base that includes MetLife, Capital One, New York Community Bank and East West Bank. The 21-story Victoria Towers feature 99 residential condo units.
The properties are located adjacent to one another at the corner of Main Street and Sanford Avenues, in the heart of Flushing’s commercial center, which is in the vicinity of Citi Field, home to the New York Mets, and the USTA’s National Tennis Center.
“These commercial assets are perfectly positioned to benefit from their stellar location at one of Flushing’s busiest corners,” said Josh Zegen, co-founder and managing principal of Madison Realty Capital, in a statement. “We remain bullish on Queens and continue to seek other similar investment opportunities.”
Wu is the owner of international grocery chain Hong Kong Supermarket and the director of United International Bank.