Madison Realty Capital provides US$30 million inventory loan for 2 Florida luxury condominiums

KUALA LUMPUR, June 3 -- Madison Realty Capital, a fully integrated real estate private equity firm, has provided a US$30 million first mortgage loan to Metropica Development for a luxury condominium tower and 10-acre development site. (US$1 = RM4.119)

According to a statement, this includes plans to develop a second 250-unit multifamily tower.

The portfolio is part of Metropica, a four million-square-foot master planned community comprising luxury residences, modern office towers and high-end 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 250-unit second condominium tower.

In addition to the first tower, the Metropica master planned development will include 500 multifamily units, 550,000 square feet of commercial space for luxury retail, dining and entertainment destinations as well as 246 hotel keys.

“We are pleased to deliver a customised and flexible financing solution for the remaining condo inventory in the Metropica Development,” said Madison Realty Capital, Managing Principal and Co-Founder, Josh Zegen.

“Madison’s ability to finance residential projects through every stage of development was highly 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.”

Melissa Rose of JLL Capital Markets arranged the financing from Madison Realty Capital.

-- BERNAMA