Madison Realty Capital (MRC) recently closed six separate note purchase transactions, including its purchases of three non-performing loan portfolios and three defaulted notes. All the loans are secured by properties located in NYC.
The reduced loans which Madison purchased have an aggregate principal balance of $26.66 million. The purchase prices were not disclosed. Details of Madison's loan purchases are as follows:
* JP Morgan Chase loan portfolio consisting of 10 defaulted first mortgage loans collateralized by six multifamily and four mixed-use properties located throughout Brooklyn, Queens and the Bronx. Principal balance: $9.6 million.
* Capital One portfolio consisting of two defaulted first mortgage notes collateralized by a multifamily property and a mixed-use property located in Brooklyn. Principal balance: $6.55 million.
* Community bank portfolio consisting of two defaulted first mortgage notes collateralized by a multifamily property and a mixed-use property located in Manhattan and Brooklyn. Principal balance: $4.11 million.
* Defaulted first mortgage note from United International Bank collateralized by a retail center located in the Saint George neighborhood of Staten Island. Principal balance: $2.9 million.
* Defaulted first mortgage note from Intervest National Bank collateralized by three industrial properties located in the Bushwick neighborhood of Brooklyn. Principal balance: $2 million.
* Non-performing senior note from an undisclosed fund collateralized by a mixed-use property located in the Williamsburg neighborhood of Brooklyn. Principal balance: $1.5 million.
"These recent transactions reinforce our reputation as a reliable purchaser of off-market real estate deals," said Joshua Zegen, co-founder and managing member of MRC. "We have previously finalized multiple transactions with two of these sellers, a testament to the relationships we've cultivated. The proven certainty of execution in both pricing and closing timeframe in all of these deals is why sellers consistently choose us as a counterparty."

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 approximately $1 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. Tags: