Madison realizes that no two real estate transactions are alike and the capital needs of investors, owners and their partners vary from transaction to transaction. Madison specializes in custom equity solutions for a wide range of real estate financings. Madison has provided capital for the following special situations:
- Acquisitions of common stock
- Private investments in public entities (“pipes”)
- JV equity for discrete properties and portfolios
TRANSACTION SUMMARY: Monogram Residential Trust, Inc., (the “Company”) was organized in 2006 as a multifamily non-listed REIT raising $1.5 billion of equity from individual investors. In November 2014, Madison began acquiring a position. Amidst a backdrop of slowing global growth and a rising rate environment within the U.S., the Company’s shares came under pressure as risk averse capital flowed to longer lease duration asset classes. Given the thinly traded nature of the Company, the outflows forced the stock price to trade at a meaningful discount to its intrinsic value.
The Company owns a high quality, diversified multifamily portfolio located in high density, infill submarkets, including 42 operating properties, 3 in lease-up, and 2 under development, for a total of 47 properties and 14,613 units. During Madison’s ownership, the Company owned the youngest portfolio among the US listed multifamily REITs, with an average age of approximately six years.
Madison acquired shares of in Songbird Estates plc, a publicly listed company traded on the AIM, a submarket of the London Stock Exchange. Songbird owns a 69.4% interest in Canary Wharf Group plc, which owns 20 Class A office and retail properties comprising 7.0 million sf primarily in the Canary Wharf submarket in London. Songbird was formed in 2004, raising £1.7 billion from a fractionalized shareholder base to acquire Canary Wharf Group plc.