NEW YORK, June 25, 2013 /PRNewswire/ — 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 purchase of a non-performing senior note from Wells Fargo.
The note is collateralized by the Puerta Del Sol Plaza retail center, located at 22041 S. Dixie Highway in Goulds, a sub-market southwest section of Miami, Florida. The unpaid principal balance on the note was just over $5.2 million.
"The note was originated in 2008 to finance the construction of the Puerta Del Sol Plaza retail center but fell into foreclosure in August 2012," said Josh Zegen, Co-Founder and Managing Member of MRC. "This transaction supports MRC's strategy of acquiring non-performing loans and then applying our vertically integrated platform to maximize the true value of the asset. Additionally, it once again demonstrates that the relationships we have built and the certainty of execution we provide continues to generate deals for our company in markets nationwide."
About Puerta Del Sol Plaza
The Puerta Del Sol Plaza sits on a 3.55 acre site, with 43,244 gross square-feet in total and 35,991 of rentable square-feet. The site is currently anchored by a Family Dollar retail store that is leased through 2017 with five-year extension options through 2042. Other larger tenants include a local pharmacy, convenience store, and beauty supply store, each occupying over 2,000 square-feet of space. The property has 20 spaces overall, with 11 currently vacant.
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.
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