Madison Realty Capital is making a $ 62 million multipurpose student residence loan to five universities in Broward County, Florida

0

NEW YORK, July 22, 2021 (GLOBE NEWSWIRE) – Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, announced today that it has a bridge and construction loan of $ 62 million for refinancing and development from University Pointe, an 877 bed dorm in Davie, Florida.

University Pointe is centrally located for students in the consortium of higher education institutions of the South Florida Education Center, which includes Nova Southeastern University, Broward College, a University of Florida expansion campus, Florida Atlantic University-Broward, and McFatter Technical College.

“This transaction underscores Madison’s ability to act as a one-stop lender and offer a hybrid bridge and home finance solution at a competitive 4.5% interest rate,” said Josh Zegen, managing principal and co-founder of Madison Realty Capital. “There are more than 56,000 students at five universities in the immediate vicinity, but there is a lack of a reasonable range of specially built student dormitories. We look forward to supporting the completion and future stabilization of University Pointe, the only special student housing option in the region that will benefit students, universities and the surrounding community. “

University Pointe will be developed in two phases, with the first 781 beds and 31,000 square feet of retail space being completed in 2019. The second phase is to provide 96 beds and bring the seventh, 4-story elevator building into the property. University Pointe consists of one, two, three and four bedroom units with washers and dryers in each unit and full bed-bath parity in addition to an attractive, student-oriented lifestyle program, roommate matching and shuttles to local universities.

About Madison Realty Capital

Madison Realty Capital is a vertically integrated real estate private equity firm that manages approximately $ 6 billion in assets on behalf of an institutional global investor base. Since 2004, Madison Realty Capital has completed more than $ 15 billion in US transactions, providing reputable borrowers with flexible and highly customized financing solutions, strong underwriting skills and execution security. Headquartered in New York City with offices in Los Angeles and Miami, the company employs over 60 people in all areas of real estate investment, development and management. Madison Realty Capital has been featured on the Commercial Observer’s prestigious “Power 100” list of New York Real Estate Actors and is consistently named a leading home builder, along with other industry awards. To find out more, follow us on LinkedIn and visit www.madisonrealtycapital.com.

CONTACT: Nathaniel Garnick/Grace Cartwright Gasthalter & Co. (212) 257-4170 [email protected]


Source link

Share.

Leave A Reply