NEW YORK—Madison Realty Capital (MRC) has closed a $22 million first mortgage loan that retired the existing first mortgage and provided additional capital to renovate a six-story, 35,750-sq.-ft. property on Thompson Street in Manhattan.

Once renovations are complete at the mixed-use building, it will include 67 apartment units, including 18 studios, 24 one-bedroom and 25 two-bedroom units. Penthouse apartments will include private terraces, accessible by spiral staircases in the units.

The property is in close proximity to a numbers of restaurants and retailers in the Soho neighborhood.