MIAMI—Madison Realty Capital is making its moves in Miami. The institutionally backed commercial real estate investment fund and asset manager bought a distressed note that is collateralized by the Puerta Del Sol Plaza retail center.
Madison bought the non-performing note from Wells Faro. The unpaid principal balance was just over $5.2 million.
"The note was originated in 2008 to finance the construction of the Puerta Del Sol Plaza retail center but fell into foreclosure in August 2012," says Josh Zegen, co-founder and managing member of Madison. The company specializes in flexible debt and equity financing solutions for middle-market transactions.
Located at 22041 S. Dixie Highway in Goulds, a sub-market southwest section of Miami. The shopping center sits on a 3.55-acre site and offers 43,244 gross square-feet in total and 35,991 of rentable square-feet.
A Family Dollar retail store that is leased through 2017 with five-year extension options through 2042 anchors the shopping center. Other larger tenants include a local pharmacy, convenience store, and beauty supply store, each occupying over 2,000 square-feet of space. The property has 20 spaces. Eleven are currently vacant.
"This transaction supports MRC's strategy of acquiring non-performing loans and then applying our vertically integrated platform to maximize the true value of the asset,” Zegen says. “Additionally, it once again demonstrates that the relationships we have built and the certainty of execution we provide continues to generate deals for our company in markets nationwide."
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