Buys 7 Loans With Aggregate Principal Balance of $24.48 Million
NEW YORK, Oct. 7, 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 portfolio of 7 loans from CapitalOne. The aggregate principal balance of the loans is $24.48 million.
Joshua Zegen, Co-Founder and Managing Member of MRC, made the announcement.
"We continue to do repeat business with multiple counterparties in the loan purchasing arena," Mr. Zegen said. "With this transaction, we're pleased to continue expanding our relationship with CapitalOne. We have served as a reliable off-market purchaser providing certainty of execution, and our counterparties have rewarded us by working with us on new deals."
MRC purchased loans on the following properties:
- Mixed-Use Development Project in Coney Island, Brooklyn – 138,301 square feet, 27 stories, 89 residential units, currently under construction.
- Condominium Project on Upper East Side of Manhattan – 18-story residential condo on 95th Street, with 6 units remaining for sale.
- Condominium Building Vertical Parking Lot in Bushwick, Brooklyn (2 loans)
- 5-unit residential condo with large medical office unit leased to major hospital.
- 6-story steel parking structure with a capacity of 70 cars.
- Retail Condo Building and Parking Garage, Little Italy, Manhattan (2 loans)
- 3 retail condo units totaling 2,248 square feet on Baxter Street.
- Underground parking garage net leased to parking operator.
- Retail Condo in Midtown South Residential High-Rise – 3,928 square feet, currently leased to a single tenant operating restaurant/bar.
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 $1.2 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.