Facilitates Transfer of 50% Interest in Inherited 19th Century Building
NEW YORK, May 14, 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 $5.0 million loan secured by a 19th century townhouse located in New York's Upper East Side. By providing the financing, MRC facilitated a time-sensitive transaction between two siblings who had inherited the property.
"Madison really adds value in transitional situations, and this deal is a great example of that," said Josh Zegen, Co-Founder and Managing Member of MRC. "The borrower had an immediate need for financing to support the purchase of a 50% interest in this wonderful historic property, and we were able to close rapidly and provide certainty of execution. The property itself is a fantastic building in a stellar location, which is well-suited to our asset-based approach to lending."
The townhouse is located on 75th Street between Fifth Avenue and Madison Avenue in the Upper East Side neighborhood of Manhattan. Originally constructed in 1876, the property is 31 feet wide and has been able to preserve many of the original details. There are also unused development rights that could facilitate further development of the property in the future.
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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