| |
|
Madison Park Financial Corporation (MPF) is a real estate developer, investor, operator and asset manager. MPF was formed in 1985 to create value through the development and management of real estate. The company seeks value-added development opportunities, as well as existing income producing assets. MPF is responsible for all development activity, in addition to leasing and on-going property management services for its projects.
All together, MPF and its related entities own and manage approximately $250 million in assets.
|
|
| |
|
MPF's properties offer spaces to meet the varied needs of Bay Area residents, ranging from traditional apartment living and live/work
spaces, to office and industrial space.
Whether you are looking for a place to call home, a place to do business, or both; you will find what you are looking for with Madison Park Financial.
|
|
| |
|
|
 |
| |
Construction starts on Oakland's Lampwork Lofts
The wait is over. Madison Park Financial kicked off construction on the $25.2 million, 92-unit Lampwork Lofts, the firms’ second apartment project to start construction in Oakland. The longtime East Bay developer is the sole firm building market-rate apartments in Oakland right now. It started construction last fall on the 79-unit, third phase of the Bakery Lofts community that sits on the border of Oakland and Emeryville.
The story behind Lampwork Lofts is one of waiting and waiting, said John Protopappas, founder and CEO of Madison Park. He first toured the property, a former factory, in 1986 and asked the previous owner to sell this historic, 1911 structure to him. The owner said he would sell when he was ready, which didn’t happen until 2003. Then it took four years to close the sale because of delays. So Madison didn’t close on the property until 2007. “Then we had something called the Great Recession,” Protopappas said. “So guess what? We had to wait.”
Madison Park wanted to start construction sooner, but it took a long time to land a construction loan until East West Bank stepped in earlier this year finally giving the project the green light to start work. Now all Protopappas has to wait for is construction to wrap up, which he expects to happen mid-2014. In the meantime, contractor DCI Construction is demolishing the interior of the building and doing seismic improvements. Next comes converting the industrial building into live/work lofts designed by Levy Designed Partners Inc. “The goal was to take advantage of the bones and the infrastructure,” said Toby Levy, president of the architecture firm. The building features high ceilings, large windows and exposed brick walls.
“It’s going to be very utilitarian. We want to keep it true to itself,” she said. “It’s going to be a very special place to live.”
San Francisco Business Times - 04/26/13 - Full Article
|
| |
Madison Park To Start Loft Project
Madison Park Financial plans to start construction in early April on the 92-unit Lampwork Lofts, the firm’s second apartment project to get underway in Oakland.
The $24.8 million project, at 1614 Campbell in West Oakland, is a former General Electric light bulb factory that will be restored into work/live units. The firm started construction last fall on the 79-unit, third phase of the Bakery Lofts community that sits on the border of Oakland and Emeryville.
“I feel great about having two buildings under construction at the same time because they are the only two for-profit apartment buildings under construction in Oakland," said John Protopappas, President and CEO of Madison Park. "The market for apartments is very good. Demand is high and supply is low. Rents are rising."
Protopappas said the Bakery Lofts expansion will wrap up this summer, and Lampwork Lofts will be ready for leasing in June of 2014. Lampwork Lofts is moving forward after Madison Park secured a $14.2 million loan from East West Bank.
San Francisco Business Times - 03/22/13 - Full Article
|
| |
 |
| |
Protopappas: The Lone Builder
John Protopappas isn’t afraid to be starting Oakland’s first new market-rate apartment building since the 2008 financial meltdown. In fact, the founder of Madison Park Financial Corp. said he would have broken ground years ago, if he could have secured financing. He cleared that hurdle a few weeks ago when City National Bank agreed to provide a construction loan for B3, the third $18.35 million, 79-unit phase of Madison Park’s Bakery Lofts apartments that straddle the Oakland/Emeryville border.
Even though apartment development is on fire in other parts of the Bay Area, it has yet to reignite in Oakland, one of the hottest markets in the Bay Area for Protopappas and other developers during the longrunning housing boom. “It feels strange,” Protopappas said, “to be the only for-profit construction project in Oakland.”
San Francisco Business Times - 06/15/12 - Full Article
|
San Francisco Business Times - Real Estate Deals of the Year - Finalist
Legions of investors have been waiting for distressed commercial properties like 901 Jefferson St. in Oakland to hit the market, but few have. The 75-unit property, called Dwell, had been foreclosed on by KeyBank and developed by the now-bankrupt market-rate arm of AF Evans for $33 million as for-sale, workforce housing. Several bidders had their eyes on the building, including one that went into escrow and then bowed out. That made room for Madison Park Financial Corp. to swoop in and buy the project for $14.5 million.
“I think we got a good deal,” said John Protopappas, head of Madison Park. “It’s rare that you’re going to see projects sell substantially below their intrinsic value.” Madison Park’s advantage was capital. The firm put down 41 percent of the cost, a much thicker slice of equity than buyers were accustomed to making. It borrowed the rest from California Bank and Trust. “There seems to be more confidence in lending this year than last year,” Protopappas said. “However, prices are still depressed and buyers and investors still have to invest a substantial amount of equity. You just can’t put down 20 or 30 percent.” Protopappas put Dwell on the market as apartments in fall of 2009, and it was almost fully leased within six months.
San Francisco Business Times - 03/26/10 - Full Article
|
| |
| |
| |
| |
|
|
|
