Madison Realty Capital announced its purchase of a single-borrower portfolio of six loans from a large commercial bank, in a relationship-based, off-market transaction.
The aggregate principal balance of the purchased loans, secured by six different multifamily and mixed-use properties owned by the same borrower, was approximately $18 million.
Brian Shatz, co-founder and managing member of MRC, made the announcement.
“With significant changes in the bank regulatory environment, lenders continue to sell off non-performing and underperforming loans. Recently, many of our bank counterparties have been looking to sell entire credits — in other words multiple loans with the same borrower – and this transaction is a prime example of the trend,” Shatz said.
“MRC is uniquely positioned to be the acquirer in these situations. We’re willing and able to take down whole portfolios that are diverse in terms of location and property type.”