Madison Realty Capital completes over $25.6 million in financing/note purchases

Madison Realty Capital (MRC) recently completed five separate financing and note purchase transactions totaling $25.6 million. MRC purchased 3 non-performing senior notes for a principal balance of $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 with a principal balance of $5.3 million, which is secured by an 80,000 s/f office building with a retail component, located near the new Brooklyn Nets basketball arena. The note seller is a local savings bank. MRC provided $3.75 million of financing to a third-party purchaser of the $5.2 million note on a 45,000-s/f industrial property in Long Island City. The property has additional 45,000 s/f of residential-zoned air rights. MRC provided a $3.85 million bridge loan for a 50,000 s/f medical office/retail property on Flatbush Ave. MRC provided a $7 million bridge loan for an 11,700 s/f 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. "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 MRC. "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." 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.