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.
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