NEW YORK, May 14, 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 completion of five separate financing and note purchase transactions totaling $25.6 million. The transactions involved properties located in Brooklyn, Queens, and Manhattan.
Joshua Zegen, Co-Founder and Managing Member of MRC, made the announcement.
"This series of recent transactions in New York highlights our activity in the market, both as a note purchaser and as a provider of flexible financing for complex, time-sensitive real estate deals," Mr. Zegen said. "Note sellers and borrowers understand that we provide certainty of execution, experience, and discretion, and we've been able to develop a significant pipeline of quality transactions as a result."
Direct Note Purchases – aggregate principal balance approximately $11 million
- MRC purchased 3 non-performing senior notes for a principal balance of approximately $5.7 million, which are/were secured by multifamily and industrial properties in Park Slope, Brooklyn; Woodside, Queens; and West Harlem in Manhattan. The note seller is a community savings bank.
- MRC purchased a non-performing senior loan (change to note to be consistent) with a principal balance of approximately $5.3 million, which is secured by an 80,000-square-foot office building with a retail component, located near the new Brooklyn Nets basketball arena. The note seller is a local savings bank.
Bridge/Note Purchase Financing – aggregate loan amount totaling $14.6 million
- MRC provided $3.75 million of financing to a third-party purchaser of the $5.2 million note on a 45,000-square-foot industrial property in Long Island City, Queens. The property has additional 45,000 square feet of residential-zoned air rights. Long Island City has been rezoned for residential development and is undergoing a transformation similar to the one in Williamsburg, Brooklyn.
- MRC provided a $3.85 million bridge loan for a 50,000-square-foot medical office and retail property on Flatbush Avenue in the Lefferts Garden section of Brooklyn. The financing permitted the borrower to obtain a discounted payoff of existing debt and simultaneously emerge from bankruptcy.
- MRC provided a $7.0 million bridge loan for an 11,700-square-foot retail property in Queens, which will be occupied by a CVS Pharmacy. The financing enabled the borrower to repurchase its debt at a discount and complete construction.
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/
Contact:
Great Ink Communications – 212-741-2977
Eric Waters (Email)
Tom Nolan (Email)
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