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

(c) 2018 Business Wire, Inc., All rights reserved.

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

Zonoville Investments Limited Announces Agreement on Acquisition of RUSAL Shares19.2.2018 18:19Pressemelding

Zonoville Investments Limited, a consortium of investors led by Renova Group and Access Industries, announced today that it had reached an agreement with Onexim Group to purchase its 6% stake in the United Company RUSAL Plc. Following completion of the purchase, Zonoville Investments Limited and its associate SUAL Partners Limited will hold, in aggregate, approximately a 26.5% interest in United Company RUSAL Plc. About Renova Renova Group of companies (www.renova.ru) is a major private Russian business group which owns and manages assets in metallurgy, mining, chemical, construction, transport, energy, telecommunications, high-tech engineering, public utilities, medicine and financial sectors in Russia and abroad (CIS, Switzerland, Italy, South Africa and the United States of America). Renova’s largest assets include its interests in UC Rusal, T Plus Group, OCTO Telematics and Swiss-based technology concerns Schmolz+Bickenbach, OC Oerlikon, and Sulzer. About Access Industries Founded

The Digital Health Technology Show: The Leading Show for Healthcare Innovation Comes to London19.2.2018 18:05Pressemelding

Medical innovation will take centre stage for 2018, at the largest wearables and disruptive health technology event in the world, with never before-seen devices and applications and a raft of industry-leading speakers. The Digital Health Technology Show returns to London on the 13th & 14th March 2018 at London’s Excel, gathering together more than 6,000 attendees and over 100 exhibitors. The 2018 Conference programme boasts three tracks, with over 100 hours of content programmed. Attendees can choose to attend talks on the Digital Health Disrupt Stage – covering global innovation in healthcare, the Leadership Theatre – where senior healthcare figures in the UK will discuss and debate the challenges ahead, or the Patient Engagement Stage – delivering insights into how technology is being used in the real world. There will also be demonstrations of the latest medical innovations on the Innovation Stage, which will also host a start up competition – The Health Innovation Award. Over 200 s

World Patient Safety Summit is Sold Out But Space is Available at the Breakout Sessions, Held the Day after the World Summit, at the Royal Society in London19.2.2018 13:00Pressemelding

The latest advances in vaccine safety, reducing unnecessary C-sections and person & patient engagement will be among the varied breakout sessions offered the day after the 6th Annual World Patient Safety, Science & Technology Summit in London by the Patient Safety Movement Foundation. The breakout sessions will convene on Sunday, February 25, 2018 at the prestigious Royal Society, the independent scientific academy of the United Kingdom and the Commonwealth, dedicated to promoting excellence in science. This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180219005119/en/ Limited Space available to participate with experts at the 6th Annual World Patient Safety, Science & Technology Summit Break Out Sessions at the Royal Society in London (Photo: Business Wire) The breakout sessions are full-day working meetings structured for shared learning on existing Actionable Patient Safety Solutions (APSS) – collaborative, evidence-based pro

Tampere Attracts AV Productions with a New Incentive19.2.2018 12:41Pressemelding

One of the City of Tampere’s strategic goals is to be an international meeting place for creativity and innovation. The development of the experience economy is an essential focus of the city’s business policy. The incentive system is being used to attract more local, national and international productions to the Tampere region. The goal is to promote the development of the industry and to increase the number of jobs and the turnover of commercial productions in Tampere. Through the incentive system, an audiovisual production may recover some of the costs it has spent on wages and service purchases in the Tampere region. A production meeting the incentive criteria may be refunded 10–15 per cent of the accepted costs accrued in the region. Professional productions that utilise the Tampere region as their location or use expertise from the area may apply for the incentive. Thanks to the growing number of productions, Tampere will become more visible in films and TV shows, which will add

Tempo Grows Revenue by 38% in 2017 to $17.9 Million19.2.2018 11:14Pressemelding

Tempo, creator of efficiency-enhancing project management software solutions for Atlassian’s Jira platform, announced strong results for its 2017 fiscal year ending December 31, 2017. “2017 marks another productive and successful year for Tempo, with December our highest grossing month ever and sales across our product range exceeding expectations,” commented Agust Einarsson, CEO, “The completion of our new cloud infrastructure and successful migration of our entire customer base to Amazon Web Services (AWS) marks a strategic milestone, empowering Tempo with a more scalable underlying platform and enabling us to deploy products to customers faster.” Highlights for 2017 include: Revenue grew 38% year-over-year to US$17.9 million Almost 2,000 new customers were acquired Launched our new cloud infrastructure Expanded product footprint beyond the Atlassian environment with Tempo for Slack North American operations continued to grow More than 120 partners worldwide Celebrated our 10-year an

Morrow Sodali Announces Appointment of David Shammai as Corporate Governance Director - Cross Border19.2.2018 10:05Pressemelding

Morrow Sodali today announced that David Shammai has joined the firm as Corporate Governance Director - Cross Border. David joins from APG Asset Management, the Dutch pension fund manager, where in his role as senior corporate governance specialist he was involved in voting, policy, and engagement. Based in the London office, David will focus on the firm’s growing corporate governance activities across its European offices. Together with Morrow Sodali’s expanding team of corporate governance professionals, David will work to further develop the firm’s governance services – ranging from benchmarking and assessments of governance practice to board advisory on engagement with investors. “At Morrow Sodali we recognise that today many of our clients face growing needs for an in-depth and meaningful dialogue with their investors on a broadening range of topics. Having David onboard - from one of the world’s largest fiduciary asset managers - demonstrates our reinforced commitment to helping