Business Wire

Madison Realty Capital Provides $107.25M Financing for Acquisition of 357,000 SF Long Island College Hospital Portfolio in Cobble Hill, Brooklyn

Del

Madison Realty Capital (MRC), an institutionally-backed real estate investment firm focused on real estate equity and debt investments in the middle markets, provided $107.25 million of first mortgage financing for the first phase of Fortis Property Group’s acquisition of the Long Island College Hospital (LICH) real estate portfolio in Brooklyn. Collateral for the loan is a mix of former LICH properties comprising 357,000 square feet and including retail, medical office, townhouses and development sites located at the following addresses: 91-95 Pacific Street, 350-352 Hicks Street, 349 Henry Street, 112 Pacific Street, 82 Amity Street, 84 Amity Street, 124-134 Atlantic Avenue, 113 Congress Street, 336 Flatbush Avenue, and 184 Sterling Place.

MRC worked closely with Fortis to provide a flexible financing solution to facilitate the acquisition, which is the culmination of a complex, multi-party deal related to the LICH portfolio. Following a competitive RFP process that was completed approximately 18 months ago, Fortis won the right to acquire and develop the portfolio, owned by the State University of New York (SUNY). Under the transaction that was negotiated, Fortis is to purchase the LICH portfolio in two phases and will redevelop the former hospital campus into a mixed-use project, and NYU will build a new medical facility to service the neighborhood.

“MRC specializes in delivering funding for complex, time-sensitive middle market transactions, so in many ways we were a natural fit for the LICH deal,” said Josh Zegen, Co-Founder and Managing Principal of MRC. “We’ve been active as a lender and investor in Brooklyn for many years now, and our vertically-integrated team has the ability to rapidly assess and underwrite existing properties as well as new development projects. Cobble Hill is one of Brooklyn’s most desirable neighborhoods, and yet properties rarely trade and very few are developed given zoning and landmark restrictions. These properties are unique in offering as-of-right development potential and have no landmark restrictions, so this deal is particularly exciting for us to play this role in. Our team got up to speed quickly and ultimately closed a great deal.”

Including this transaction, MRC has closed 23 debt investments totaling $465 million so far in 2015, consisting of special situation loan origination opportunities and loan acquisition deals. The firm is on pace to complete more than $1 billion of debt and equity transaction combined in calendar year 2015.

About Madison Realty Capital (MRC)

MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market. Founded in 2004, MRC has invested in approximately $3.5 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.

###

Contact information

Media inquiries
Great Ink Communications: 212-741-2977
Eric Waters – eric.waters@greatink.com
Tom Nolan – tom@greatink.com

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

Group Vivendi Africa Deploys Netcracker OSS to Enhance Service Management as it Expands Across the Continent12.12.2017 16:07Pressemelding

Netcracker Technology announced today that its OSS suite was selected and deployed to support the long-term growth strategy of Group Vivendi Africa (GVA). GVA is a newly formed affiliate of the French-based multinational conglomerate Vivendi with the goal to deploy and operate a fiber network across Africa. Netcracker's OSS will be used as a consolidated solution to identify service availability across GVA's operating countries and then fulfill and provision those services to customers. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171212005937/en/ Netcracker's highly productized, out-of-the-box applications enabled the OSS suite to be deployed in seven months, meeting GVA's demand to leverage an integrated service fulfillment and inventory solution that could satisfy its long-term growth expectations, as well as s

Philip Morris International Releases Latest Scientific Update for Smoke-Free Products on Clinical Program12.12.2017 15:23Pressemelding

Philip Morris International Inc. (PMI) (NYSE/Euronext Paris: PM) today released its latest Scientific Update for Smoke-Free Products, a regular publication on its research efforts to develop and assess a range of smoke-free alternatives to cigarettes. The latest issue of the Scientific Update can be found at this link. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171212005891/en/ Philip Morris International Releases Latest Scientific Update for Smoke-Free Products on Clinical Program (Photo: Business Wire) This issue of the Scientific Update provides a closer look at some of the principles and practices on which PMI’s scientific assessment program is built. Director Medical Affairs Dr. Patrick Picavet describes specific examples from PMI’s clinical program that highlight the company’s

Murex to Offer MX.3 Risk, Trading and Post-Trade Solutions on the AWS Cloud12.12.2017 14:00Pressemelding

Murex, an industry leader in trading, risk management and processing solutions for capital markets, announced they will run their MX.3 technology platform on Amazon Web Services, Inc. (AWS). With the acceleration of cloud adoption in capital markets, Murex and AWS agreed to collaborate to help clients migrate their Murex application workloads to the AWS Cloud. Murex clients are looking to consolidate more and more of their capital markets activity on the MX.3 platform and this means their need for infrastructure is increasing. New regulatory requirements are also driving financial organizations to use cloud to scale up their computing capacity. Murex is collaborating with AWS to meet the demand from clients to support deployment of the Murex offering on the AWS Cloud. Murex is working on the validation of a range of deployment scenarios, from using AWS Cloud for bursting grid

Darzalex®▼(daratumumab) Combination Regimen Significantly Improved Outcomes for Newly Diagnosed Multiple Myeloma Patients who are Transplant Ineligible12.12.2017 13:33Pressemelding

Janssen-Cilag International NV (“Janssen”) today announced data from the Phase 3 ALCYONE study, showing Darzalex® (daratumumab) in combination with bortezomib, melphalan and prednisone (VMP) significantly improved clinical outcomes, including reducing the risk of disease progression or death by 50 percent, in patients with newly diagnosed multiple myeloma who are ineligible for autologous stem cell transplantation (ASCT).1 These data were accepted as a late-breaking abstract (LBA) for presentation at the 59th American Society of Hematology (ASH) Annual Meeting in Atlanta, today at 7:30 a.m. ET (Abstract #LBA-4).1 Study findings were simultaneously published in the New England Journal of Medicine (NEJM) . 2 Daratumumab is currently indicated for use in combination with lenalidomide and dexamethasone, or bortezomib and dexamethasone, for

CTS Engines Announces Senior Management Hire12.12.2017 13:00Pressemelding

CTS Engines, the global leader for mature jet engine maintenance, announced today that it had hired Diane E. Cavuoto as Senior Vice President, Supply Chain, in an effort to continue to provide its customers with outstanding engine overhaul services. Ms. Cavuoto will be based in CTS’s Ft. Lauderdale headquarters and will report directly to Vesa Paukkeri, CTS’s President and Chief Operating Officer. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171212005050/en/ Diane E. Cavuoto, Senior Vice President, Supply Chain, for CTS Engines (Photo: Business Wire) Ms. Cavuoto, most recently Vice President, Strategic Sourcing at Honeywell International, brings years of supply chain management experience to CTS. In her prior role at Honeywell, Ms. Cavuoto managed a global commodity team of 150 employees managing $4

MIPI Alliance Opens Access to its MIPI I3C Sensor Interface Specification12.12.2017 13:00Pressemelding

The MIPI® Alliance, an international organization that develops interface specifications for mobile and mobile-influenced industries, today announced it is opening access to its sensor interface specification, MIPI I3C. Starting today, all companies, including those not currently members of MIPI Alliance, may access the MIPI I3C v1.0 specification so they may evaluate the incorporation of the specification into their sensor integration plans and design applications. “MIPI I3C provides a welcome update to the I2C technology that has been widely adopted over the past 35 years. Extending access provides an opportunity to spur innovation and help other industries beyond mobile," said Joel Huloux, chairman of MIPI Alliance. "It helps MIPI members as well, because it supports greater adoption and interoperability, strengthens the ecosystem and provides for a richer

I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.

Besøk vårt presserom