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,” Zegen said.
“MRC is always on the lookout for the resulting distressed loan opportunities. 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 in Red Hook, and a 7-story condo in Vinegar Hill.