NEW YORK, April 20, 2022 (GLOBE NEWSWIRE) -- Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced that it has originated a $55 million loan to Metro Edgewater development company for the construction of a 32-story, 279-unit residential apartment development known as Metro at Edgewater, as well as the adjacent 18-unit Sonder building located in the Edgewater neighborhood of Miami, Florida.
Metro at Edgewater, located at 430 NE 31st Street, will contain 266,306 square feet of residential apartment space and 4,230 square feet of ground floor retail space. The property will offer a unit mix of one-to-three bedrooms with open layouts, top-of-the-line appliances, and imported cabinetry and countertops. Metro at Edgewater’s amenities include a coffee bar, hotel-style pool deck, state-of-the-art fitness center, juice bar, co-working spaces, a library, 24-hour lobby attendant and 312 onsite parking spaces.
Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said, “Edgewater has a growing need for high-quality multifamily rental properties as the neighborhood continues to attract young professionals interested in the area’s culture, location, and competitive prices relative to other areas of Miami. The Metro Edgewater development team has decades of experience constructing and developing residential, office, retail, and other real estate projects in and around Miami submarkets. We are pleased to provide them with a tailored financing solution that best met their needs for the construction of Metro Edgewater during a highly dynamic market environment.”
Carlos Ortiz of the Metro Edgewater team said, “We were confident about engaging Madison Realty Capital, and they have delivered a customized, single-source financing solution for the construction of Metro at Edgewater. Their execution ability, and familiarity with Miami’s residential real estate market has helped us to make significant progress and will effectively push us toward our planned completion in July 2023.”
Melissa Rose and Jesse Wright from JLL Capital Markets arranged the financing.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that, as of March 31, 2022, manages approximately $8.5 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 www.madisonrealtycapital.com.
Media inquiries, contact:
Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.