Madison Realty Capital (MRC) secures $25.6 million in bridge financing and note purchases

Madison Realty Capital (MRC) has completed five separate financing and note purchase transactions totaling $25.6 million. The transactions involved properties located in Brooklyn, Queens, and Manhattan, according to Joshua Zegen, co-founder and managing member of firm. "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," 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 three 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 s/f 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 s/f industrial property in Long Island City, Queens. The property has additional 45,000 s/f 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 s/f medical office and retail property on Flatbush Ave. 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 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. 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.