Madison Realty Capital Offers $ 30 Million Inventory Loan
NEW YORK, June 02, 2021 (GLOBE NEWSWIRE) – Madison Realty Capital, a fully integrated real estate private equity firm focused on debt and equity investment strategies, today announced that it has provided an initial mortgage loan of $ 30 million to Metropica Development for a ten-acre condominium tower and development site, which includes plans to develop a second 250-unit multi-family tower. The portfolio is part of Metropica, a planned four million square foot community of luxury residences, modern office towers and upscale retail offerings located in Sunrise, Florida.
Metropica Development, led by Joseph Kavana, began construction of the first 263-unit luxury condominium tower in 2017 and has sold 174 units to date. Madison’s loan will be used to support 89 units, representing 101,989 square feet on the upper floors of the first condominium tower as well as the adjacent second condominium tower of 250 units. In addition to the first tower, Metropica’s main development will include 500 multi-family units, 550,000 square feet of retail space for luxury, dining and entertainment destinations as well as 246 hotel keys.
“We are delighted to provide a personalized and flexible financing solution for the condominium inventory remaining in the Metropica development,” said Josh Zegen, Managing Director and Co-Founder of Madison Realty Capital. “Madison’s ability to finance residential projects at every stage of development was very attractive to Metropica, an experienced local development firm, and we look forward to working with Joseph and his team to support this unique and ambitious project. “
Located at 2000 Metropica Way, adjacent to Sawgrass Mills Mall and BB&T Center, the 28-story Metropica Tower offers luxury residences averaging 1,034 square feet, upscale finishes and upscale designs by Oppenheim Architecture and YOO Studio. Resort-style amenities at the tower consist of a saltwater pool, lounges, cinema, fitness center, massage and yoga centers, and game room for children.
Melissa Rose of JLL Capital Markets arranged the funding for Madison Realty Capital.
About Madison Realty Capital
Madison Realty Capital is a New York-based real estate private equity firm specializing in debt and equity investment strategies, with regional offices in key markets including Los Angeles and Dallas. Founded in 2004, MRC has completed approximately $ 14 billion in transactions in the multi-family, commercial, office, industrial and hotel sectors nationwide. The company manages investments in the United States on behalf of a global investor base. MRC is a fully integrated company with over 60 employees across all disciplines of real estate investment, development and property management. Among other industry accolades, MRC was named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as one of the industry’s leading construction lenders. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.