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.”
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.”