Madison Realty Capital Provides $46M Loan For Development Site At 38-59 11th Street In Long Island City

The development site located at 38-59 11th Street in Long Island City has been involved in a closed transaction. The property, with a loan amount of $46,000,000, consists of a development site with a total of 240 units. The transaction was facilitated by brokers Gary Sefcik and Iona Liu from Marcus & Millichap. The lenders in this transaction were Madison Realty Capital, and the landlord involved was Teddy Li.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $46,000,000
• Address: 38-59 11th Street
• Market: Long Island City
• Units: 240
• Lender: Madison Realty Capital
• Landlord: Teddy Li
• Brokers: Gary Sefcik, Iona Liu - Marcus & Millichap

The deal involved Gary Sefcik and Iona Liu from Marcus & Millichap, who brokered the transaction. They played a key role in connecting the buyer and seller and facilitating the negotiation process. This transaction marks another successful deal in Long Island City's real estate market.