"Prudential Real Estate Investors shares our appreciation for the value of urban retail and residential properties," says Richard Wagman, one of the founding principals of Madison Capital. "Our business model seeks stable cash flow with substantial upside. There continues to be strong demand for supply-constrained space in major, 24-hour cities."
The venture plans to purchase retail and mixed-use properties ranging from $5 million to more than $100 million. Madison Capital will source the acquisition opportunities and operate the properties. Representatives from Cushman & Wakefield Sonnenblick Goldman were unable to confirm the details of the joint venture's future plans prior to deadline.
"With many building owners and developers feeling the effects of a tighter debt and equity market, it is a perfect opportunity for the venture to acquire the retail portion of hotels, residential and office buildings as many owners need to raise additional capital or monetize a portion of the asset while maintaining ownership and control of the component in which they have expertise," says Steven Kohn, president and principal of Cushman & Wakefield Sonnenblick Goldman
This transaction is not the first venture Cushman & Wakefield Sonnenblick Goldman has arranged for Madison Capital and Prudential Real Estate Investors. In 2006, Cushman & Wakefield Sonnenblick Goldman arranged the $80 million debt and equity financing for Madison Capital's partnership interest in the retail condominium at 1880 Broadway, as GlobeSt.com previously reported. Cushman & Wakefield Sonnenblick Goldman's relationship with Prudential Real Estate Investors also spans several years when the firm arranged a programmatic joint venture in 2003 between PREI and the Clarett Group, forming real estate development company Clarett Capital LLC.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
