Rialto Capital Buys $35M Note on Hilson’s 185 Madison

Rialto Capital Management has purchased the $34.5 million loan on 185 Madison Avenue, according to public records.

Records show Flagstar Bank as an assignor on the transaction, and that Flagstar assigned the mortgage to HRCP Direct Lending Investments, which is listed as being c/o Rialto Capital Management.

A February 2024 article in Commercial Observer cites Hilson Management as the property’s owner, and public records show that the property has not changed ownership since 1998. 

Traded was first to cite the deal.

The 16-story building occupies 79,961 square feet and is located on the corner of 34th Street and Madison Avenue. It was built in 1910, and was recently renovated with a new lobby, elevators and windows.   

Representatives from Hilson did not immediately respond to requests for comment, and a rep for Rialto Capital — an investment manager, asset manager and rated CMBS special servicer — was unable to provide or confirm information on the transaction.

Tenants at 185 Madison Avenue include market research company NewtonX, Stahl Eyecare Experts, business training center NYIM Training, legal management platform Litify, and New York Vision Associates.

 Larry Getlen can be reached at lgetlen@commercialobserver.com.