Last Updated: September 4, 2012 04:53pm ET
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Zegen says his company has shown
itself to be "a reliable purchaser
of off-market real estate deals."
(Save the date:?RealShare New York?comes to the Grand Hyatt, New York, NY,?October 9.)
NEW YORK CITY-It?s been an active year thus far for Madison Realty Capital in its own backyard, and the investment firm is continuing the pace. Following Labor Day weekend, MRC announced it had closed on six separate note purchase transactions with an aggregate principal balance of $26.66 million, all backed by properties in New York City. Among them, the transactions span all five boroughs; the combined purchase price was not disclosed.
In a statement, Joshua Zegen, co-founder and managing member of MRC, says the deals reinforce the company?s reputation as ?a reliable purchaser of off-market real estate deals. We have previously finalized multiple transactions with two of these sellers, a testament to the relationships we've cultivated.?
The six deals are split evenly between non-performing loan portfolios and defaulted notes. Largest of them by principal balance is a $9.6-million portfolio of defaulted first-mortgage loans from JP Morgan Chase, collateralized by six multifamily and four mixed-use properties located throughout Brooklyn, Queens and the Bronx.
Next comes a pair of defaulted first-mortgage notes from Capital One with a balance of $6.55 million, backed by a multifamily property and a mixed-use property, both in Brooklyn. Another pair of defaulted first-mortgage notes totaling $4.11 million comes via a community bank portfolio, collateralized by a Manhattan apartment property and a Brooklyn MXD.
MRC also said it has acquired a defaulted note from United International Bank with a balance of $2.9 million, backed bya retail center in Staten Island?s St. George neighborhood. A defaulted $2-million note from Intervest National Bank is collateralized by here industrial assets in the Bushwick section of Brooklyn. Finally, there?s a non-performing senior note from an undisclosed fund, which is backed by an MXD in Brooklyn?s Williamsburg section.
Earlier this summer, GlobeSt.com reported that MRC had done another deal in St. George, taking ownership of 224 Richmond Terrace, a 60,000-square-foot, 40-unit multifamily property a half mile south of the Staten Island Ferry. Zegen told GlobeSt.com in July that his company is always looking for ?significant? discount-to-value opportunities, adding that St. George has been showing potential in this regard.
The month of May saw a previous MRC deal in Williamsburg, as the company resolved a troubled situation at 385 Union Ave. It bought the note and the deed on the six-story, 53,000-square foot multifamily condominium property for $21.5 million, or $458,511 per unit.
In March, MRC acquired a 15-note portfolio with an aggregate principal balance of $28.7 million from a regional savings bank. Between them, the properties backing the notes?all located in New York City?comprised 245 residential units and 12 commercial spaces.
All of the loans were originated between 2006 and 2009. ?This transaction supports MRC?s strategy of acquiring non-performing and sub-performing loan portfolios and then applying our vertically integrated platform, which includes servicing, property management and asset management, to maximize the underlying value of the assets,? Zegen said in a statement at the time. The deal was in keeping with MRC?s longstanding strategy of acquiring loans across all property sectors throughout the Northeast.
Categories: Northeast, Multifamily, Acquisitions/Dispositions, Distressed Asset Investments, New York
Paul Bubny Paul Bubny is managing editor of Real Estate Forum. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City. Contact Paul Bubny.
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