172 Madison Ave is a 110k sf residential development site on the corner of 33rd and Madison Ave. Non-performing loan, Ray Cecora sourced the distressed debt/lender, advised the lender with alternative solutions, introduced the buyer, provided zoning analysis, due diligence services, and facilitated the sale. Research into vacant property, stalled construction sites, and the banks that made loans to these types of assets assisted in the discovery of the non-performing loan status existing at 172 Madison.
-Lender: Garrison, Madison Capital
-Buyer: CIM Group