Madison provides equity for recapitalizations of existing properties or portfolios, allowing owners to monetize a portion of the value of their assets or portfolio. Madison's equity appeals to owners and investors seeking to:

• Pay down existing debt
• Generate cash for tenant improvements, capital expenditures or renovations
• Redeploy funds for new investments

Madison is a financial investor, not an owner or operator, and seeks to partner with quality sponsors that wish to maintain ownership and management control.

Equity Capital for Debt Restructurings

Madison's investment program is designed for investors with leveraged capital structures facing debt maturities where there are restrictions from pursuing asset sales, debt refinancing and mezzanine loans due to:

• Lockout restrictions
• Large prepayment penalties
• Defeasance costs or prohibitions on additional debt
• High loan to value debt maturities preventing refinancing
• Equity partners unwilling to make further capital contributions

In these scenarios, Madison can create cash flow for owners seeking to amortize maturing debt positions, facilitate discounted loan payoffs (DPOs) and continue to be the primary owner and operator of their asset or portfolio.