NEW YORK CITY–Madison Realty Capital has acquired a defaulted $23.5-million note for the luxury waterfront development the Breakers at Sheepshead Bay in Brooklyn. A spokesman for MRC says that the New York City-based commercial real estate fund and asset management firm bought the non-performing note from TD Bank.

The note involves the unpaid principal amount on a loan to a local investment group led by Brooklyn developer Jacob Pinson. The note is secured by the remaining 49 unsold units and parking at the 75-unit Breakers development at 3112-3144 Emmons Ave. The overall loan purchase price between MRC and TD Bank was not disclosed.

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