Madison Realty Capital Provides $29 Million Loan to Refinance Three Properties Two Prime Distribution Centers in Queens and a Mixed-Use Building in Lower Manhattan
NEW YORK, May 21, 2013 /PRNewswire/ -- Madison Realty Capital (MRC), an institutionally backed commercial real estate investment firm and asset manager specializing in flexible debt and equity financing solutions for middle-market transactions throughout the United States, announced the closing of a $29.0 million first mortgage loan collateralized by two prime industrial properties located immediately off the Queens Midtown Expressway and a mixed-use building in Lower Manhattan.
By providing this financing, MRC facilitated a time-sensitive transaction that will provide immediate liquidity for the borrower. "This is another example of our ability to structure a loan that meets the needs of the borrower while providing solid risk-adjusted returns," noted Josh Zegen, Co-Founder and Managing Member of MRC. "The location of all three properties made this an attractive deal for Madison Realty Capital to finance and the borrowers we worked with valued our ability to close in a timely manner after the initial application."
The two industrial properties are adjacent to each other and include a two-story building totaling approximately 75,447 square feet and another 95,963 square foot building. The third property is a five-story, mixed-use building that totals 28,127 square feet. Located in a vibrant downtown Manhattan submarket, the property benefits from its current retail / office use, but has the potential to capitalize on the dramatically changing demands of the submarket through redevelopment.
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.
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SOURCE Madison Realty Capital