Madison Realty Capital, an institutionally backed commercial real estate investment fund and asset manager specializing in flexible debt and equity financing solutions, acquired a 15-note portfolio from a regional savings bank.
The loan portfolio is secured by 11 properties based in Manhattan and 14 located in Brooklyn. It is 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.
“This transaction supports MRC’s strategy of acquiring nonperforming and subperforming loan portfolios andthen applying our vertically integrated platform, which includes servicing, property management and asset management, to maximize the underlying value of the assets,” said Joshua Zegen, co-founder and managing principal of Madison Realty Capital.
MRC has closed in excess of 150 million in distressed debt transactions with more than 10 banks since 2010. Additionally, the New York based firm has done more than $900 million in both the origination and acquisition of real estate debt since the firm was formed in 2004.
