Madison Realty Capital, a commercial real estate fund specializing in flexible debt and equity financing, has completed five separate financing and note purchase transactions that totaled $25.6 million.
All of the transactions involved properties that are located in Brooklyn, Queens and Manhattan.
The two direct note purchases finalized by MRC had an aggregate principal balance of approximately $11 million.
In the first transaction, MRC purchased three non-performing senior notes for about $5.7 million. The note consisted of multifamily and industrial properties in Park Slope, Woodside and West Harlem. The note seller was a community savings bank.
The second nonperforming senior note acquired by MRC was an 80,000 square-foot office building that features retail properties located near the new Brooklyn Nets basketball arena. A local savings bank was the note seller for this transaction.
The remaining $14.6 million was provided by MRC as bridge loans for three separate properties, including $3.75 million for a 45,000 square-foot industrial property for residential development, $3.85 million for a 50,000 square-foot medical office and retail property in which the borrower was in bankruptcy, and $7 million for an 11,700 square-foot construction project that was in debt to build a CVS Pharmacy.
“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,” said Joshua Zegen, co-founder and managing member of New York-based Madison Realty Capital. “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.”
Since 2004, MRC has completed at least $900 million of transactions in the multifamily, retail, office and industrial sectors in 28 states.
