NEW YORK, March 7, 2012 — Madison Realty Capital (MRC), an institutionally backed commercial real estate investment fund and asset manager specializing in flexible debt and equity financing solutions for middle-market transactions throughout the United States, announced the acquisition of a 15-note portfolio from a regional savings bank.
The loan portfolio, consisting of 15 notes throughout New York City, is secured by 11 properties in Manhattan and 14 in Brooklyn, comprised of 245 residential units and 12 commercial spaces. The loans were originated at various times between 2006 and 2009. The aggregate principal balance of the loans was approximately $28.7 million.
Joshua Zegen, Co-Founder and Managing Principal of MRC, made the announcement.
"This transaction supports MRC's strategy of acquiring non-performing and sub-performing loan portfolios and then applying our vertically integrated platform, which includes servicing, property management and asset management, to maximize the underlying value of the assets," said Mr. Zegen.
MRC has closed in excess of $150 million in distressed debt transactions with more than 10 banks since 2010 and more than $900 million in both the origination and acquisition of real estate debt since the firm was formed in 2004.
Madison Realty Capital (MRC)
Founded in 2004, Madison Realty Capital is an institutionally backed commercial real estate fund 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 $900 million 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. http://www.madisonrealtycapital.com/
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