Portfolio consists of over 1,400 workforce housing units in prime New York neighborhoods

Madison International Realty, a leading real estate private equity firm, announced that it has closed on the recapitalization of a $275 million New York multifamily portfolio with Urban American, consisting of over 1,400 workforce housing units located in prime New York neighborhoods, including Astoria, Washington Heights, Westchester, and Brooklyn.

“Despite the changing regulatory environment, there continues to be a shortage of quality affordable housing in the greater New York area. The densely-populated neighborhoods allow the portfolio to benefit from stable occupancy and offers a strong, consistent cash flow. The portfolio previously was a piece of an Urban American closed end fund that was nearing the end of its life, and Madison provided the underlying limited partners with liquidity. Madison is pleased to be partnering with a best-in-class, vertically integrated operator with a proven track record and expertise in socially responsible management,” said Ronald M. Dickerman, Madison International Realty Founder and President.

Urban American will continue as day-to-day operator and manager of the portfolio, which consists of studios, one, two, and three-bedroom apartments and ground floor retail, across 15 buildings. The recapitalization will allow Urban American to continue with its business plan of implementing strategic energy initiatives and building upgrades throughout the portfolio.

Madison International Realty specializes in acquiring partial ownership stakes, joint venture positions, and listed property shares in prime properties and portfolios in major markets in the US, UK and Europe.

About Madison International Realty

Madison International Realty (www.madisonint.com) is a leading liquidity provider to real estate investors worldwide. Madison provides equity capital for real estate owners and investors seeking to monetize embedded equity, to replace capital partners seeking an exit and to recapitalize balance sheets. The firm provides equity for recapitalizations, partner buyouts and capital infusions; and acquires joint venture, limited partner and co-investment interests as principals. Madison invests in secondary transactions and focuses solely on existing properties and portfolios in the U.S., U.K., and Europe. Madison has offices in New York, London, Luxembourg, Amsterdam and Frankfurt, Germany, where the firm operates under the name of Madison International Realty GmbH.