NEW YORK, NY – 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 its purchase of a portfolio of 7 loans from CapitalOne. The aggregate principal balance of the loans is $24.48 million.
Joshua Zegen, Co-Founder and Managing Member of MRC, made the announcement.
“We continue to do repeat business with a multiple counterparties in the loan purchasing arena,” Mr. Zegen said. “With this transaction, we’re pleased to continue expanding our relationship with CapitalOne. We have served as a reliable off-market purchaser providing certainty of execution, and our counterparties have rewarded us by working with us on new deals.”
MRC purchased loans on the following properties:
- Mixed-Use Development Project in Coney Island, Brooklyn – 138,301 square feet, 27 stories, 89 residential units, currently under construction.
- Condominium Project on Upper East Side of Manhattan – 18-story residential condo on 95th Street, with 6 units remaining for sale.
Condominium Building Vertical Parking Lot in Bushwick, Brooklyn (2 loans)
- 5-unit residential condo with large medical office unit leased to major hospital.
- 6-story steel parking structure with a capacity of 70 cars.
Retail Condo Building and Parking Garage, Little Italy, Manhattan (2 loans)
- 3 retail condo units totaling 2,248 square feet on Baxter Street.
- Underground parking garage net leased to parking operator.
- Retail Condo in Midtown South Residential High-Rise – 3,928 square feet, currently leased to a single tenant operating restaurant/bar.