Madison Realty Capital Completes Record 2021 with $6.4 Billion in Transaction Volume Across 72 Deals and Raises Largest Debt Fund Ever at $2.08 Billion

Additional Highlights Include Launch of New $500 Million Hospitality Lending Platform

New York, Jan. 20, 2022 (GLOBE NEWSWIRE) — Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced the completion of one of the most active years in the firm’s 17-year history.  2021’s notable highlights include:

  • Closing a record $6.4 billion in total deal volume in 2021 across 72 transactions. The firm executed deals ranging from $10 million to $485 million in all major U.S. metropolitan markets.  Throughout 2021, Madison originated and acquired loans across asset classes including multifamily, mixed use, retail, office, industrial, land and hotel and invested in transitional and special situation loans as well as provided financing for ground-up development and construction.  In the last two months of 2021 alone, the firm closed 26 new deals representing nearly $2.7 billion.
  • Raising $2.08 billion in equity commitments for Madison Realty Capital Debt Fund V LP (“Fund V”), exceeding the fund’s $1.75 billion target. Fund V, the firm’s largest debt fund ever, received significant support from existing investors as approximately 70% of the institutional LPs in Madison’s prior fund re-upped into Fund V.  Additionally, 52% of the capital committed for Fund V came from new limited partners, both domestically and abroad.
  • Originating over $1 billion in loan-on-loan financing for twelve alternative lenders as part of its lender financing strategy. The firm provided financing solutions to alternative real estate lenders for projects in California, Florida, Nevada, New Jersey, New York, and Oregon through its income-oriented debt investment vehicle, which targets lighter value-add and core-plus real estate transactions with a greater focus on income generation with rates of approximately 4% to 6%.
  • Launching an institutional hospitality lending platform, Madison Newbond, with $500 million of initial lending capacity in partnership with Newbond Holdings.  Madison Newbond offers unique financing programs to new and existing borrowers across the hospitality spectrum from limited-service hotels and developers to ultra-luxury resorts and targets opportunities including transitional lending and ground up developments, as well as first mortgages, mezzanine loans and preferred equity, across major metropolitan markets.
  • Attracting and retaining executive talent.  In April 2021, Madison announced seasoned executive Urian Yap joined the firm as Chief Financial Officer from The Blackstone Group, where he led the global loan operations team for Blackstone Real Estate Debt Strategies and the financial reporting team for Blackstone Mortgage Trust Inc.  Madison expanded its team with 12 new professionals, further building-out multiple real estate investment disciplines and capabilities. Additionally, Madison, which first opened its Los Angeles offices in 2018, continued to grow its presence on the west coast with the opening of its new Los Angeles office in Century City.

Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said, “Madison Realty Capital further distinguished itself in 2021 by providing single-source, customized financing solutions for borrowers’ unique needs and delivered speed, certainty of execution, and strong underwriting, despite a highly dynamic market environment.  I am proud of what we were able to accomplish, which is a testament to our team as well as the culture and expertise we have developed over the past 17 years. We look forward to continuing to execute on behalf of our borrowers, investors, and communities we serve in 2022 and beyond.”

Noteworthy transactions for the firm in 2021 include:

  • Breaking ground for a mixed use residential and public school development in Woodside, Queens in a public-private partnership with the NYC School Construction Authority and Department of Education;
  • A $34 million loan-on-loan financing for the redevelopment of a multifamily property in Woodland Hills, Los Angeles;
  • A $106 million construction loan to Arch Companies and AB Capstone for the ground-up development of Myrtle Point, a mixed-use residence in New York City;
  • A $450 million construction loan to The Rabsky Group for a 1,098-unit mixed-use development in Downtown Brooklyn;
  • A $278.5 million construction loan to Reger Holdings, LLC for a portfolio of 734 multifamily apartments, 1,264 multifamily units, and 117 luxury condominium residences across three projects in Austin, Texas;
  • A $30 million first mortgage loan to Metropica Development for a luxury condominium tower and ten acre development site in Sunrise, Florida;
  • A $79 million loan to Vella Group for a portfolio of five industrial and flexible office properties in Los Angeles, California;
  • A $395 million loan for a portfolio of 1,161 units across three multifamily projects in Bayonne, Raritan and Linden, New Jersey as well as a land site at the former Bears Stadium with plans for 4,200 residential units;
  • A $110 million loan to Harridge Development, Silverpeak Real Estate Partners, and an affiliate of Cerberus Capital Management for single-family homes in a master-planned housing development in Historic San Pedro, Los Angeles.

About Madison Realty Capital 

Madison Realty Capital is a vertically integrated real estate private equity firm that, as of December 31, 2021, manages approximately $8 billion in total assets on behalf of a global institutional investor base. Since 2004, Madison Realty Capital has completed approximately $20 billion in transactions providing borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with an office in Los Angeles, the firm has approximately 70 employees across all real estate investment, development, and property management disciplines. Madison Realty Capital has been frequently named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as a top construction lender, among other industry recognitions. To learn more, follow us on LinkedIn and visit

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Gasthalter & Co.
+1 (212) 257 4170

UAB announces first clinical-grade transplant of gene-edited pig kidneys into brain-dead human

UAB announces the first clinical-grade transplant of gene-edited pig kidneys into brain-dead human

A doppler probe is used to assess blood flow inside the right porcine (pig) kidney after transplantation into the brain-dead recipient.Hands left to right: Katie Stegner, Dr. Babak Orandi, M.D., Ph.D. (holding the probe), Jayme Locke, M.D. (holding the kidney)Photo taken by Jeff Myers, UAB


UAB researchers have achieved several world’s firsts with pig-to-human kidney transplant:

  • First peer-reviewed/published study of a genetically modified pig kidney transplanted into the body of a brain-dead human recipient
  • First such study on a pig-to-human kidney transplant using genetically modified kidneys with 10 key gene edits that may make the kidneys suitable for direct clinical-grade therapeutic use in humans
  • First validation of a UAB-developed test for compatibility before xenotransplant
  • First peer-reviewed/published study to establish brain death as a viable preclinical human model

Notably, the study was designed and conducted to meet standards directly comparable to those that would apply to a Phase I clinical trial and mirrored — as much as possible — every step of a conventional transplant between humans. Importantly, this study included removing the human brain-dead recipient’s native kidneys before replacing them with genetically modified pig kidneys.

UAB announces first clinical-grade transplant of gene-edited pig kidneys into brain-dead human

BIRMINGHAM, Ala., Jan. 20, 2022 (GLOBE NEWSWIRE) — The University of Alabama at Birmingham Marnix E. Heersink School of Medicine announces today the first peer-reviewed research outlining the successful transplant of genetically modified, clinical-grade pig kidneys into a brain-dead human individual, replacing the recipient’s native kidneys. These positive results demonstrate how xenotransplantation could address the worldwide organ shortage crisis.

In the study published in the American Journal of Transplantation, UAB researchers tested the first human preclinical model for transplanting genetically modified pig kidneys into humans. The study recipient had two genetically modified pig kidneys transplanted in his abdomen after his native kidneys were removed. The organs were procured from a genetically modified pig at a pathogen-free facility.

“Along with our partners, we have made significant investments in xenotransplantation for almost a decade hoping for the kinds of results published today,” said Selwyn Vickers, M.D., dean of the UAB Heersink School of Medicine and CEO of the UAB Health System and UAB/Ascension St. Vincent’s Alliance. “Today’s results are a remarkable achievement for humanity and advance xenotransplant into the clinical realm. With this study, our research teams have also demonstrated that the decedent model has significant potential to propel the xenotransplantation field forward.”

For the first time, the pig kidneys transplanted were taken from pigs that had been genetically modified with 10 key gene edits that may make the kidneys suitable for transplant into humans. This process demonstrates the long-term viability of the procedure and how such a transplant might work in the real world. The transplanted kidneys filtered blood, produced urine and, importantly, were not immediately rejected. The kidneys remained viable until the study was ended, 77 hours after transplant.

“This game-changing moment in the history of medicine represents a paradigm shift and a major milestone in the field of xenotransplantation, which is arguably the best solution to the organ shortage crisis,” said Jayme Locke, M.D., director of the Comprehensive Transplant Institute in UAB’s Department of Surgery and lead surgeon for the study. “We have bridged critical knowledge gaps and obtained the safety and feasibility data necessary to begin a clinical trial in living humans with end-stage kidney failure disease.”

Gene editing in pigs to reduce immune rejection has made organ transplants from pigs to humans possible, which could offer help to thousands of people who face organ failure, disease or injury. The natural lifespan of a pig is 30 years, they are easily bred and can have organs of similar size to humans.

Genetically modified pig kidneys have been extensively tested in non-human primates. In addition to testing in non-human primates, evaluating genetically modified pig kidneys in a human preclinical model research may provide important information about the potential safety and efficacy of kidneys in human transplant recipients, including in clinical trials.

“This human preclinical model is a way to evaluate the safety and feasibility of the pig-to-non-human primate model, without risk to a living human,” Locke added. “Our study demonstrates that major barriers to human xenotransplantation have been surmounted, identifies where new knowledge is needed to optimize xenotransplantation outcomes in humans, and lays the foundation for the establishment of a novel preclinical human model for further study.”

This effort is supported by biotechnology pioneer United Therapeutics Corporation, which awarded a grant to UAB to launch the innovative xenotransplantation program. Revivicor, Inc., a subsidiary of United Therapeutics, provided the genetically modified pig that was the source of the investigational xenotransplant kidneys called UKidney™.

“All of us at Revivicor are in awe of the historic achievements at UAB with our investigational 10-gene xenokidney, or UKidney,” said David Ayares, Ph.D., Chief Scientific Officer of Revivicor and a trailblazing genetic engineer since his early work cloning the world’s first pigs and the first alpha-Gal knockout pigs. “We feel confident that this UKidney may turn out to be a life-saving solution for thousands of people on dialysis, subject to successful completion of our clinical trials and achievement of FDA approval in the next several years.”

About the study
The peer-reviewed research is a study of ambitious scope and great significance, given that more than 800,000 Americans are living with kidney failure. Most never make it to the waiting list, and far too few human organs are available to put a dent in that number. Although dialysis can sustain life for some time, transplantation offers a better quality of life and a longer life for the few individuals who can gain access to transplantation. Each stage of this decedent xenotransplant study approximated the steps that might be taken in a Phase I xenotransplant clinical trial:

  • The kidneys were removed from a donor pig housed at a pathogen-free, surgically clean facility. The kidneys were then stored, transported and processed for implantation, just as human kidneys are.
  • Before surgery, the brain-dead recipient and donor animal underwent a crossmatch compatibility test to determine whether the genetically modified pig kidney and its intended recipient were a good tissue match. A crossmatch is done for every human-to-human kidney transplant; however, this pig-to-human tissue-match test was developed at UAB and marked the first time a prospective crossmatch has been validated between the two species.
  • The pig kidneys were placed in the exact anatomic locations used for human donor kidneys, with the same attachments to the renal artery, renal vein and the ureter that carries urine from the kidney to the bladder.
  • The brain-dead recipient received standard immune-suppression therapy used in human-to-human kidney allotransplantation.

The study was conducted to meet the standards directly comparable to those that would apply to a Phase I human clinical trial, mirroring every step of a standard transplant between humans. It included Institutional Review Board and Institutional Animal Care and Use Committee approval, a tissue compatibility confirmation before starting the operations, using the standard procedures of human-to-human transplants to remove, preserve, transport and transplant the kidneys into a human, and giving the standard immunosuppression therapy to the recipient.

Transplant recipient Jim Parsons helps open doors to the future of organ transplantation
This scientific and medical breakthrough would not have been possible without Jim Parsons, the recipient, or his family.

Parsons, 57, was a registered organ donor through Legacy of Hope, Alabama’s organ procurement organization, and he had longed to have his organs help others upon his death; but his organs were not suitable for donation. His family permitted UAB to maintain Parsons on a ventilator to keep his body functioning during the study. His native kidneys were removed, and two genetically modified pig kidneys were transplanted.

“Mr. Parsons and his family allowed us to replicate precisely how we would perform this transplant in a living human. Their powerful contribution will save thousands of lives, and that could begin in the very near future,” Locke said. “Mr. Parsons’ gift honors his legacy and firmly establishes the viability, safety and feasibility of this preclinical model. Because of his gift, we have proposed this to be known as ‘The Parsons Model.’”

Parsons’ ex-wife, Julie O’Hara, and their children, Ally, David and Cole, made the decision (along with Jim’s sisters and mother) to take part in the study after they were approached by Alan Spriggs with Legacy of Hope and Locke.

“Jim was a never-met-a-stranger kind of guy who would talk to anyone and had no enemies — none,” O’Hara said. “Jim would have wanted to save as many people as he could with his death, and if he knew he could potentially save thousands and thousands of people by doing this, he would have had no hesitation. Our dream is that no other person dies waiting for a kidney, and we know that Jim is very proud that his death could potentially bring so much hope to others.”

The critical need for other organ donation options
Kidney disease kills more people each year than breast or prostate cancer, according to the National Institute of Diabetes and Digestive and Kidney Diseases. Although transplantation is the gold standard treatment for end-stage kidney disease, fewer than 25,000 kidney transplants are performed each year in the United States and 240 Americans on dialysis die every day. Many of these deaths could be prevented if an unlimited supply of kidneys were available for transplant.

The wait for a deceased donor kidney can be as long as five years, and in many states, it is closer to 10 years. Almost 5,000 people per year die waiting on a kidney transplant.

About UAB transplant and the xenotransplant team
UAB Medicine is a world leader in organ transplantation and has performed 9,055 kidney transplants from Jan. 1, 1988, to Dec. 31, 2021 — the second-most kidney transplants in the United States during that time. The focus of UAB’s xenotransplantation program is to address the organ shortage by safely transplanting genetically modified pig kidneys into humans with kidney failure. Learn more.

About UAB
Known for its innovative and interdisciplinary approach to education at both the graduate and undergraduate levels, the University of Alabama at Birmingham, a part of the University of Alabama System, is an internationally renowned research university and academic medical center. UAB consistently exceeds $600 million in annual research awards and totaled almost $850 million last year, including one-time COVID-related funding. UAB is Alabama’s largest single employer, with more than 26,000 employees, and was named America’s Best Large Employer by Forbes in 2021. The institution’s annual economic impact on the state exceeds $7 billion each year. The pillars of UAB’s mission include education, research, innovation and economic development, community engagement, and patient care. Learn more at

EDITOR’S NOTE: The University of Alabama at Birmingham is one of three doctoral research universities in the University of Alabama System. In your first reference to our institution, please use University of Alabama at Birmingham and UAB on subsequent references.


Media Contacts:
Tyler Greer, 205-934-2041
Nicolas Kressmann, 732-532-5318

A photo accompanying this announcement is available at:

A video accompanying this announcement is available at:

COVID-19, Poverty Widen Education Gap in Uganda

KAMPALA — Uganda reopened schools this month after a nearly two-year shutdown caused by the COVID-19 pandemic. The majority of students have returned, but many others have not, due to poverty and the need to earn income for their families.

Fifteen-year-old Rania Kyomuhangi is one of six children in her family who will not be returning to school.

When schools closed in March 2020 for more than 15 million students, Rania had just reached high school, with a dream to be a medical doctor.

“I feel bad because I see my friends, my neighbors, them calling us, telling us that they are going back to school. Asking us that when are you going back to school, and I don’t know what to say,” said Rania.

Uganda reopened schools January 10. The government launched a one month back-to-school campaign to ensure all children return.

The Ministry of Education has issued guidelines for schools not to raise tuition for returning students. Some families, however, are still unable to pay the fees.

The state minister for primary education, Joyce Moriku Kaducu, said people who are not able to afford tuition should devise other means to ensure the children resume their studies.

“Some parents may not have money, but they may have food. In rural schools they may have cassava, they may have maize, they may have beans,” she said. “That is also something the school can say okay, you don’t have the money, but are you able to bring some food stuff, which we can translate into money?”

Oliva Naiga, a former teacher and Rania’s mother, comforts her six children with a bible session. She was laid off and with no school to hire her, could not afford to take the children back to school. The minister’s suggestion did not resonate with her.

“We tried Rania to take her back where she was, pleading that we shall pay slowly. They were not ready to accept. And I see my girl is growing. It is not easy to stay with a girl who is growing at home for two years,” she said.

UNICEF Uganda says that during the school closure, the country’s 15 million students collectively lost 2.9 billion hours of learning time per month.

Many of those children began working during the closure, and Munir Safieldin, the UNICEF country representative, said their families will not easily give up that income.

“And to facilitate the return to school, we definitely need to look into a number of support systems, support programs. Which I also understand, there’s a trade-off. These support systems like social protection systems, where families which are experiencing poverty, should be supported,” said Munir.

Munir notes that these programs require a lot of public financing, which is a challenge for a country like Uganda.


Source: Voice of America

New Cases of COVID-19 in Africa Drop Significantly

GENEVA — The World Health Organization reports a significant drop in the number of new cases of COVID-19 in Africa for the first time since the omicron variant began widely circulating on the continent two months ago.

The coronavirus pandemic has infected nearly 10.5 million people in Africa and killed more than 234,000. World Health Organization officials say the latest figures reflect a 20 percent drop in coronavirus cases in the week up to January 16, and an 8 percent dip in deaths.

While the fourth omicron-fueled wave appears to have peaked, WHO regional director for Africa Matshidiso Moeti says the continent is not yet out of the pandemic woods. She says further monitoring is needed to determine whether the trend will be sustained.

“However, while four sub-regions reported a fall in new cases, we are closely monitoring the situation in North Africa, where cases spiked by 55 percent, and Tunisia and Morocco have both seen an exponential increase, overtaking South Africa as the countries with the most cases on the continent,” said Moeti.

The highly transmissible omicron variant triggered a sharp surge in the number of cases. But the severity of disease appears to be milder than that of previous strains. Nevertheless, Moeti says the continent has not yet turned the tide on the pandemic. She says there is no room for complacency.

She warns further pandemic waves are inevitable as long as the virus continues to circulate. She notes Africa remains particularly vulnerable because of its unequal access to life-saving vaccines. She says Africa faces similar impediments in gaining access to a full range of COVID-19 treatments.

The WHO has approved 11 therapeutics that can be used to treat COVID-19. It currently is reviewing the data on two oral antivirals, which have shown promising results in reducing the risk of hospitalization in some patients.

WHO regional director Moeti says she fears Africa once again may lose out in gaining access to those treatments because of their limited availability and high cost. For example, she notes two effective antibody treatments cost between $550 and $1,220 for a single dose.

“The deep inequity that left Africa at the back of the queue for vaccines must not be repeated with life-saving treatment,” said Moeti. “Universal access to diagnostics, vaccines, and therapeutics will pave the shortest path to the end of this pandemic.”

Moeti warns nations to prepare for the appearance of other transmissible, possibly more virulent strains of the coronavirus. She says the coronavirus will continue to mutate and pose an ongoing threat to nations if the inequitable distribution of life-saving vaccines and therapeutics between rich and poor countries is maintained.


Source: Voice of America

US Sanctions 4 Ukrainians Accused of Aiding Russia

The U.S. government says it is sanctioning four Ukrainians “engaged in Russian government-directed influence activities to destabilize Ukraine.”

“The individuals we are targeting, two of whom are members of Ukraine’s parliament, act at the direction of the Federal Security Service (FSB) and support Russia’s destabilizing and dangerous influence operations, which undermine not just Ukraine but also the fundamental principles of democracy,” U.S. Secretary of State Antony Blinken said in a statement.

The U.S. accuses the four Ukrainians of helping Russia “gain access to sensitive information” and “create instability in Ukraine.”

Those sanctioned are Taras Kozak, Oleh Voloshyn, Volodymyr Oliynyk and Vladimir Sivkovich.

“Russia has used hybrid tactics, including disinformation and other influence campaigns, to destabilize Ukraine for years,” Blinken said. “In 2020, Kremlin officials launched a comprehensive information operation plan designed in part to degrade the ability of the Ukrainian state to independently function; the individuals designated today played key roles in that campaign.”

Blinken said the sanctions are “separate and distinct from the broad range of high impact measures the United States and its allies and partners are prepared to impose in order to inflict significant costs on the Russian economy and financial system if it were to further invade Ukraine.”

Blinken is in Berlin Thursday for consultations with key allies about the situation along the Russia-Ukraine border as he prepares for talks Friday with Russian Foreign Minister Sergey Lavrov in Geneva.

Blinken is meeting with German Foreign Minister Annalena Baerbock, French Foreign Minister Jean-Yves Le Drian and British Minister for Middle East and North Africa James Cleverly, before delivering an address about the crisis in Ukraine.

U.S. President Joe Biden said at a news conference Wednesday he thinks Russia will invade Ukraine, reiterating warnings to Russian leader Vladimir Putin such actions would be met with economic sanctions and other consequences.

Russia has denied it has intentions of invading Ukraine and is seeking security guarantees, including that Ukraine is not allowed to join the North Atlantic Treaty Organization.


Source: Voice of America

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