Madison Realty Capital Originates $114 Million Loan for Mobile Home Communities Across the Southeastern United States

NEW YORK, July 07, 2022 (GLOBE NEWSWIRE) -- Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced that it has originated a $114 million loan to Parakeet Communities ("Parakeet"), an experienced investor, owner, and operator of mobile homes and RV parks, for a portfolio of twelve mobile home communities ("MHCs") located in Florida and North Carolina (the "Initial Portfolio"). An initial loan of $50.9 million will be used to pay closing costs, repay corporate debt, and create light capital improvements across the Initial Portfolio. The loan will be upsized up to $114 million as needed to future fund additional acquisitions as Parakeet identifies attractive investments that fit the same profile as the Initial Portfolio. Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said, "The institutional approach, and operational efficiencies of scale that Parakeet brings to a typically disaggregated rental market will provide under-managed parks with much-needed capital improvements to maximize their growth potential and improve quality ... Full story available on Benzinga.com