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Deals & DealmakersDebt & Equity

Toledano bags $124M loan from MRC

Madison Realty Capital provided a $124 million loan to Raphael Toledano’s Brookhill Properties for the acquisition of a 16-building portfolio in the East Village.

The first and second mortgage financing will cover the acquisition and future renovation of a 15-building, 175,000s/f portfolio of residential and mixed-use properties.

Josh Zegen, co-founder and managing principal of MRC, said his firm was able to provide “a one-source capital solution by participating in various tranches of the capital stack.”

Raphael Toledano
Raphael Toledano

The deal was brokered by Meridian Capital Group managing director, Shaya Ackerman. He noted that the 24-month loan features fixed-rate, full-term interest-only payments and several extension options.

“This portfolio represents an exceptional value on the buy with significant potential to augment income,” said Ackerman.

“As a result, Meridian was able to procure exceedingly high-leverage bridge financing based on the low cost-per-unit purchase price of less than $400,000, which is significantly less than recent sales in the neighborhood that have ranged between $600,000 and $1 million per unit.”

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