April 30, 2020 Comments Off on Madison Provides $102M Loan for Two South Florida MF Projects Views: 1095 Florida News, South Florida

Madison Provides $102M Loan for Two South Florida MF Projects

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Madison Realty Capital (MRC) originated a $102 million first mortgage loan for two separate South Florida multifamily assets.

The first property funding went to Invesca, which will finalize construction of a 98% complete multifamily development at 452 E. Atlantic Blvd. in Pompano Beach, FL (pictured). The 1.6-acre property is comprised of 214 high-end apartments and 12,000 square feet of retail, and is in lease-up with expected occupancy in the next two months.

The borrower will also utilize the financing to begin construction on a separate 330-unit multifamily development at 4350 W. Sunrise Blvd. in Plantation, FL. The planned 12.3-acre development includes an additional commercial building, office development and several townhome lots on the site.

MRC’s Josh Zegen, says, “With the opportunity to bring a nearly complete multifamily project across the goal line, and begin construction of a separate rental development with additional collateral pieces, this was a compelling deal for MRC to finance.”

BayBridge Real Estate Capital’s Jay Miller brokered the transaction.

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Connect With MRC’s Zegen

Connect With BayBridge Real Estate Capital’s Miller

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