|By PR Newswire||
|April 2, 2014 10:20 AM EDT||
NEW YORK, April 2, 2014 /PRNewswire/ -- Madison Realty Capital (MRC), an institutionally backed real estate private equity firm and asset manager focused on real estate equity and debt investments in the middle markets, announced its purchase of a portfolio of 3 defaulted loans from a local New York lender. The aggregate principal balance of the purchased loans, secured by three different multifamily and mixed-use properties, was approximately $17 million.
Josh Zegen, Co-Founder and Managing Member of MRC, made the announcement.
"We continue to see lenders pruning their portfolios to clean up their balance sheets and maximize their capital," Mr. Zegen said. "MRC is always on the lookout for the resulting distressed loan opportunities. With our vertically integrated platform, MRC is well-equipped to pursue various exit strategies to maximize value. MRC has been active in Brooklyn for many years and we're able to understand asset values and risk in these neighborhoods."
The properties securing the loans are a partially complete mixed-use residential development in Midwood, a 23-unit residential rental property in Red Hook, and a 7-story condominium building in Vinegar Hill.
About Madison Realty Capital (MRC)
Madison Realty Capital (MRC) is an institutionally backed real estate private equity firm focused on real estate equity and debt investments in the middle markets throughout the United States. Founded in 2004, MRC has invested in over $2.0 billion of transactions in the multifamily, retail, office and industrial sectors. 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