NEW YORK, Oct. 10, 2012 /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 $22 million first mortgage loan which retired the existing first mortgage and provided additional capital to renovate the property. The six story 35,750 square-foot mixed-use property is located on Thompson Street in the SoHo neighborhood of Manhattan.
Joshua Zegen, Co-Founder and Managing Member of MRC, made the announcement.
"The prime location of this property made it an attractive project for Madison Realty Capital to finance and is another example of our ability to structure a loan that meets the needs of the borrower while providing solid risk-adjusted returns," Mr. Zegen noted. "The borrowers we work with value the expertise and certainty of execution we bring to every transaction."
The property is located right in the heart of SoHo and in close proximity to the area's renowned restaurants and retailers. Upon completion of the renovations, the property will have 67 rentable apartment units, including 18 studios, 24 one-bedrooms and 25 two-bedrooms. The penthouse apartments will include private terraces accessible via spiral staircases located in each of the units.
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 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 investment.
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SOURCE Madison Realty Capital