NEW YORK CITY—Madison Realty Capital, an institutionally backed commercial real estate investment fund and asset manager, recently acquired a 15-note portfolio from a regional savings bank.
The loan portfolio, consisting of 15 notes throughout the city, is secured by 11 properties in Manhattan and 14 in Brooklyn, comprised of 245 residential units and 12 commercial spaces. The loans were originated at various times between 2006 and 2009. The aggregate principal balance of the loans was approximately $28.7 million.
Joshua Zegen, Co-Founder and Managing Principal of MRC, made the announcement.
"This transaction supports MRC's strategy of acquiring non-performing and sub-performing loan portfolios and then applying our vertically integrated platform, which includes servicing, property management and asset management to maximize the underlying value of the assets," said Zegen.
MRC has closed in excess of $150 million in distressed debt transactions with more than 10 banks since 2010 and more than $900 million in both the origination and acquisition of real estate debt since the firm was formed in 2004.