Madison International closes on recapitalization of Urban American N.Y. multifamily portfolio

Madison International Realty has closed on the recapitalization of a $275 million New York multifamily portfolio with Urban American, consisting of more than 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 Dickerman, Madison International Realty founder and president