Courvoisier Centre

Courvoisier Centre

Brickell Key, FL

Recapitalizations

Madison provides equity capital to owners seeking to recapitalize the balance sheets of their existing properties and portfolios. Madison’s equity enables owners to:

  • Amortize existing debt positions
  • Replace subordinated debt with equity
  • Generate cash for leasing costs, capital expenditures, or renovations

Madison is a financial investor, not an owner or operator, and seeks to partner with quality sponsors with a proven track record of success. By partnering with Madison, owners gain access to additional equity capital to continue the real estate value creation process while also maintaining ownership and management control.

Rubicon Europe Portfolio

Rubicon Europe Portfolio

Case Study

In March 2011, Madison along with Global Asset Corporation acquired an equity interest in a Class A, seven-property, stabilized office portfolio in Germany, Netherlands, Belgium and Austria, owned by Rubicon Europe Trust Group, an Australian listed property trust that raised €308.8m of equity between 2005-2007 from Australian individual investors. Rubicon was placed into receivership in September 2009 as a result of its inability to continue servicing a line of credit with National Australia Bank. The recapitalization enabled a payoff of this loan at a discount to par, and allowed for Madison and its partner to assume control of the underlying portfolio of seven assets, which are servicing their respective local debt facilities and producing a healthy recurring dividend yield through property rental income from a roster of diversified and creditworthy tenants.

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Courvoisier Center

Case Study

Madison acquired a 49.0% joint venture interest in Courvoisier Centre, a 330,667 square foot waterfront office and retail complex located on Brickell Key in Miami, Florida. Madison provided new equity capital to Tishman Speyer, the existing property owner, to recapitalize the property’s balance sheet. The proceeds of the recapitalization enabled the sponsor to payoff a maturing mezzanine debt position at a discount to par, normalize the investment’s capital structure, and generate additional liquidity for future capital improvement and leasing costs.

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Courvoisier Centre
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