{"id":1004180993,"date":"2017-06-20T01:15:40","date_gmt":"2017-06-20T09:15:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004180993"},"modified":"2022-12-08T13:22:40","modified_gmt":"2022-12-08T21:22:40","slug":"ddr-madison-international-recap-1b-retail-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ddr-madison-international-recap-1b-retail-portfolio\/","title":{"rendered":"DDR, Madison International Recap $1B Retail Portfolio"},"content":{"rendered":"

By Scott Baltic, Contributing Editor <\/em><\/p>\n

DDR Corp., of Beachwood, Ohio, and an affiliate of Madison International Realty, of New York City, have agreed to recapitalize a $1 billion, 52\u2013shopping center joint venture previously owned by DDR and various partners through the DDR Domestic Retail Fund I, the two companies announced last week.<\/p>\n

\"Ronald<\/a>

Ronald Dickerman, founder & president of Madison International<\/p><\/div>\n

In the transaction, Madison International Real Estate Liquidity Fund VI, an investment fund managed by Madison International Realty, acquired 80 percent of the joint venture\u2019s common equity and a DDR affiliate retained 20 percent. The companies described this ownership structure as \u201cconsistent with the structure of the joint venture prior to the recapitalization<\/em>\u201d and as a long-term strategic partnership.<\/p>\n

DDR will continue to provide leasing and management services<\/a>.<\/p>\n

Portfolio Details<\/h2>\n

Originally formed in 2007, the portfolio totals 7 million square feet and consists primarily of grocery-anchored shopping centers, predominantly in Florida and the Southeast.<\/p>\n

Three properties previously held by the partnership were excluded from the recapitalization and are being held in a separate joint venture with the previous partners of DDR Domestic Retail Fund I, including DDR.<\/p>\n

The recapitalization includes the repayment of all outstanding mortgage debt previously held by the partnership, through a new $707 million mortgage loan ($141 million at DDR\u2019s share) secured by the 52 assets.<\/p>\n

\u201cThis venture is an exceptional opportunity and an excellent fit with our investment strategy.\u00a0 Madison\u2019s investment will allow existing partners to exit, Madison to expand its retail footprint, and DDR to continue its value creation strategy<\/em>,\u201d Ronald Dickerman, founder & president of Madison International, said in a prepared statement.<\/p>\n

He noted that the assets are destination grocery-anchored centers in markets \u201cwith growing populations and favorable demographics.<\/em>\u201d<\/p>\n

Madison International declined to provide Commercial Property Executive<\/em> with further information.<\/p>\n

A self-administered and self-managed REIT, DDR owns and manages 309 value-oriented shopping centers totaling 103 million square feet in 35 states and Puerto Rico.<\/p>\n

Madison International provides JV and preferred equity capital for CRE owners and investors seeking an exit strategy, or where existing sponsors seek to sell a portion of their ownership position and take on a partner.<\/p>\n","protected":false},"excerpt":{"rendered":"

The joint venture refinanced 52 grocery-anchored shopping centers totaling 7 million square feet. The properties are predominantly located in Florida and elsewhere in the Southeast.<\/p>\n","protected":false},"author":882,"featured_media":1004180999,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,23891,21742,21749],"tags":[33190,33189,36247],"class_list":["post-1004180993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-national","category-latest","category-retail","tag-ddr-corporation","tag-madison-international-realty","tag-ronald-dickerman"],"acf":[],"yoast_head":"\nDDR, Madison International Recap $1B Retail Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ddr-madison-international-recap-1b-retail-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DDR, Madison International Recap $1B Retail Portfolio\" \/>\n<meta property=\"og:description\" content=\"The joint venture refinanced 52 grocery-anchored shopping centers totaling 7 million square feet. 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