NEW YORK CITY— Madison Realty Capital is consolidating all itsdebt and investment activities under a single name: MadisonRealty Capital, GlobeSt.com has learnedEXCLUSIVELY. Previously, the organization madedebt investments under Madison Realty Capital and equity dealsunder Silverstone Property Group, a 100% controlledaffiliate.

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Under the new structure, SPG will remain as an in-house propertymanagement company for MRC-owned assets. To mark the transition,MRC has unveiled two equity buys: one in the Hudson Yards districtand the other in Harlem.

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MRC has acquired 440-442 10th Ave and 2094-2104Frederick Douglass Blvd. The former, sold for $9.75 million, iscomprised of two mixed-use properties between 34th and35th streets, while the latter, which sold $7.25million, is an 11,254 square-foot retail condominium unit in WestHarlem's Frederick Douglass Boulevard retail corridor.

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MRC made the change to maximize its brand recognition and createa more solid structure, says Brian Shatz,co-founder and managing principal of the firm.

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“We have steadily expanded our equity investment activity overthe past several years, closing in excess of $600 million of directequity transactions, supported by the same vertically integratedplatform that has bolstered our success as debt investors,” hesays. “Our strategy is to brand all our equity and debt investmentsunder Madison Realty Capital and make it the single identifier forall our real estate activities.”

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Getting the ball rolling, MRC's purchase in the Hudson Yardsneighborhood comprises two ground floor retail units totalingapproximately 20,000 square feet. Atria Builders, developer of thenew 399-room Marriott hotel next door, was the seller and willretain unused air rights for the Marriott development. MRC plans toreposition the retail space to capitalize on new demand for retailin the Hudson Yards neighborhood, and will renovate and lease thevacant apartment units. Prior to the acquisition by MRC thetwo properties had been family-owned for approximately 50years.

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In Harlem, MRC's property is part of the recently completedGateway Tower luxury residential condominium development. Theretail space acquired by MRC is currently occupied by severallong-term tenants. The property offers strong in-place cash flowand significant upside potential, given the increasing popularityof the neighborhood.

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“We expect to add significant value to the new Hudson Yards andHarlem properties, adds Josh Zegen, alsoco-founder and managing principal of MRC. “These arewell-located assets in hot neighborhoods, and we will look tounlock their potential through our actively managed platform."

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More broadly, he notes, "This is just the beginning of asubstantial pipeline of equity deals that Madison Realty Capitalwill announce in the coming months. Additionally, we remainextremely active in the debt market.”

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.