Buys Single-Borrower Package of 6 Loans Secured by Brooklyn and Bronx Mixed-Use / Multifamily Properties From Large Commercial Bank
NEW YORK, Dec. 18, 2013 /PRNewswire/ — Madison Realty Capital (MRC), an institutionally backed commercial real estate investment firm and asset manager specializing in flexible debt and equity financing solutions for middle-market transactions throughout the United States, announced its purchase of a single-borrower portfolio of 6 loans from a large commercial bank, in a relationship-based, off-market transaction. The aggregate principal balance of the purchased loans, secured by six different multifamily and mixed-use properties owned by the same borrower, was approximately $18 million.
Brian Shatz, Co-Founder and Managing Member of MRC, made the announcement.
"With significant changes in the bank regulatory environment, lenders continue to sell off non-performing and underperforming loans. Recently many of our bank counterparties have been looking to sell entire credits – in other words multiple loans with the same borrower – and this transaction is a prime example of the trend," Mr. Shatz said. "MRC is uniquely positioned to be the acquirer in these situations. Unlike many debt purchasers, we're willing and able to take down whole portfolios that are diverse in terms of location and property type. We're not restricted to certain neighborhoods or properties and that flexibility, supported by our vertically integrated platform, is helping us win these types of deals."
About Madison Realty Capital (MRC)
Founded in 2004, Madison Realty Capital is an institutionally backed commercial real estate firm specializing in flexible debt and equity financing solutions for middle-market transactions throughout the United States. MRC invests in the multifamily, retail, office and industrial sectors and has completed in excess of $1.4 billion of transactions in 28 states to date. MRC's vertically integrated platform encompasses origination, servicing, asset management, property management and construction management expertise to maximize the value of its investments.
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