|By PR Newswire||
|January 22, 2014 12:12 PM EST||
NEW YORK, Jan. 22, 2014 /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 sale of 49 condominium units totaling 64,561 net sellable square feet and 43 parking spaces at a development in Sheepshead Bay, Brooklyn for $24.5 million, resulting in a significant return on MRC's initial investment. The sale was completed by a debtor in Chapter 11 bankruptcy pursuant to a plan of reorganization. MRC was a secured creditor in the bankruptcy proceedings.
MRC took control of the Breakers at Sheepshead Bay project, located at 3112-3144 Emmons Avenue in Brooklyn, NY, in December 2012 through the acquisition of a non-performing loan, after the original lender had commenced foreclosure and the borrower had filed Chapter 11 bankruptcy proceedings. The sale announced today brings MRC's investment in the property to a successful conclusion, within 12 months of the original transaction. Josh Zegen, Co-Founder and Managing Member of MRC, made the announcement.
"We're particularly proud to announce the disposition of the Breakers at Sheepshead Bay property," Mr. Zegen said. "MRC had the opportunity in this complex deal to exercise every element of our fully integrated platform. Our bankruptcy and restructuring expertise was at the forefront, given that we entered the deal after the borrower filed Chapter 11. We navigated the challenges of acquiring the defaulted loan and then improving and renovating this property to maximize its value, all within the bankruptcy framework. This sale, completed pursuant to a contested and confirmed Chapter 11 plan, is a testament to MRC's ability to bring multi-dimensional real estate and financial expertise to bear on a troubled asset and successfully turn it around."
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 in excess of $1.2 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.
Read more news from Madison Realty Capital.
SOURCE Madison Realty Capital