Madison Realty Capital Lends $60M for Nonperforming Loan Purchase of Las Vegas Apartments
Commercial Observer reported that Madison Realty Capital provided $60 million in financing to Veneto Capital Management. The loan will help Veneto acquire a nonperforming loan secured by Tuscan Highlands, a 304-unit apartment complex in Las Vegas's Southern Highlands neighborhood. The property, which features resort-style amenities, was previously owned by Keller Investment Properties. Keller had purchased it in 2021 using an $86.25 million bridge loan from KeyBank Real Estate Capital. “We are pleased to provide an innovative financing solution to a highly experienced multifamily owner to support the acquisition of a nonperforming loan, which closed in only thirty days,” Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement. “This transaction underscores Madison’s ability to navigate complex transactions and quickly deliver creative note financing solutions that meet the evolving needs of lenders and borrowers across the country.”
