NEW YORK, Nov. 2, 2016 /PRNewswire/ -- Madison Realty Capital (MRC), an institutionally-backed real estate investment firm focused on real estate equity and debt investments in the middle markets, provided a $15.0 million loan for acquisition of a 12-story, 337,900 square foot office building at 440 Hamilton Avenue in White Plains, NY. The sponsor is acquiring the property from AT&T, the original builder and a current tenant, and is considering options for the 1964-vintage property, including the possibility of conversion to residential use. Josh Zegen, Co-Founder and Managing Principal of MRC, made the announcement.
440 Hamilton Avenue currently consists of a Class B office property situated on a 3.27-acre site. The property is substantially vacant, providing the sponsor with different potential redevelopment options. Conversion to multifamily residential is a possible exit, as well as renovation and leaseup of the property as modern office product. The location provides a short commute to and from Manhattan, and ready access to all that White Plains and other areas of Westchester County have to offer. White Plains has recently attracted significant institutional real estate investment due to its high demographics and central location.
"We're excited to support the sponsor's plans for repositioning this asset," Zegen said. "We are in the deal at an attractive basis of just over $40 per square foot, and at the same time were able to provide certainty of execution to facilitate this time-sensitive closing and help the sponsor lay the groundwork for its business plan. White Plains is an exciting market and we believe that well-located new product should be positioned to do well here."
About Madison Realty Capital (MRC)
MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market. Founded in 2004, MRC has invested in approximately $5.2 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.
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SOURCE Madison Realty Capital