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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Cushman & Wakefield Sonnenblick Goldman Arranges Programmatic Joint Venture between Madison Capital and Prudential Real Estate Investors |
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Tuesday, April 29, 2008
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New York, NY
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Cushman & Wakefield Sonnenblick Goldman is pleased to announce that it has arranged the programmatic joint venture between Madison Capital and affiliates of Prudential Real Estate Investors. The venture may acquire $1 billion in urban retail and mixed-use properties in New York City and other major urban markets.
“Prudential Real Estate Investors shares our appreciation for the value of urban retail and residential properties,” said Richard Wagman, one of the founding principals of Madison Capital. “Our business model seeks stable cash flow with substantial upside. There continues to be strong demand for supply-constrained space in major, 24-hour cities.”
“With many building owners and developers feeling the effects of a tighter debt and equity market, it is a perfect opportunity for the venture to acquire the retail portion of hotels, residential and office buildings as many owners need to raise additional capital or monetize a portion of the asset while maintaining ownership and control of the component in which they have expertise,” said Steven Kohn, president and principal of Cushman & Wakefield Sonnenblick Goldman
The venture plans to purchase retail and mixed use properties ranging from $5 million to more than $100 million. Madison Capital will source the acquisition opportunities and operate the properties.
This transaction is not the first venture Cushman & Wakefield Sonnenblick Goldman has arranged for Madison Capital and Prudential Real Estate Investors (PREI). In 2006, Cushman & Wakefield Sonnenblick Goldman arranged the $80 million debt and equity financing for Madison Capital’s partnership interest in the retail condominium at 1880 Broadway. Cushman & Wakefield Sonnenblick Goldman’s relationship with Prudential Real Estate Investors also spans several years when the firm arranged a programmatic joint venture in 2003 between PREI and The Clarett Group, forming real estate development company Clarett Capital LLC.
About Madison Capital
Madison Capital ("Madison") is a private real estate investment and development concern based in New York City providing a full range of acquisition, development, financing, and asset and construction management for its own real estate portfolio. Madison's principals, Philippe Weissberg and Richard Wagman, have over 30 years of combined experience managing and owning real estate.
About Prudential Real Estate Investors
Prudential Real Estate Investors (PREIâ) is the real estate investment management business of Prudential Financial. PREI, comprised of fund management centers in the US in Parsippany, New Jersey and Atlanta, Georgia; and globally in Munich, London, Singapore and Mexico City; is supported by a network of local offices throughout the world. PREI’s specialized operating units offer a broad range of investment opportunities and investment management services in the United States, Europe, Asia and Latin America. As of December 31, 2007, PREI managed $42.5 billion of gross assets ($30.1 billion net) on behalf of more than 400 clients and is ranked among the largest real estate investment managers.
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About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
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