Madison Realty Capital provides $55 million loan for multifamily construction in Edgewater, Florida

Madison Realty Capital

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 awarded a $55 million loan to development company Metro Edgewater for the construction of a 32-story, 279-unit residential apartment complex known as Metro at Edgewater, as well as the adjacent 18-story Sonder Building units 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 mix of one- to three-bedroom units with open layouts, high-end appliances, and imported cabinetry and countertops. Metro at Edgewater amenities include a coffee bar, hotel-style pool deck, state-of-the-art fitness center, juice bar, coworking spaces, library, 24-hour lobby attendant, and 312 parking spaces on site.

Josh Zegen, Managing Director and Co-Founder of Madison Realty Capital, said, “Edgewater has a growing need for high-quality, multi-family rental properties as the neighborhood continues to attract young professionals interested in culture, location and price. competitive in the area compared to other neighborhoods in Miami. Metro Edgewater’s development team has decades of experience building and developing residential, office, retail and other real estate projects in and around Miami’s submarkets. We are pleased to provide them with a tailored financing solution that best met their needs for the construction of Metro Edgewater in a very dynamic market environment.

Carlos Ortiz of the Metro Edgewater team said, “We were confident in the commitment of Madison Realty Capital, and they provided a customized, single-source financing solution for the construction of Metro in Edgewater. Their ability to execute and familiarity with the Miami residential real estate market has helped us make significant progress and will effectively push us towards our scheduled completion in July 2023.”

Melissa Rose and Jesse Wright of 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, with an office in Los Angeles, the firm has approximately 70 employees across all disciplines of real estate investment, development and management. 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 one of the top construction lenders, among other industry accolades. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.

Media inquiries, contact:
Nathaniel Garnick/Grace Cartwright
Gasthalter & Cie.
(212) 257-4170
[email protected]

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