Investment group Madison Realty Capital has loaned nearly $62 million to the developers of University Pointe, a luxury student housing complex in Davie, Fla. Last June, the group had provided a $278.5 million construction loan for three multifamily projects and a luxury condominium in Austin, Texas.
New York-based real estate private equity firm Madison Realty Capital is in the midst of a funding push. This tuesday, the group announced that it has loaned $62 million to refinance and complete construction of University Pointe, a luxury student housing complex in Davie, Florida.
The upscale student housing complex includes 781 beds and 597,205 square feet, including 31,000 square feet of retail space. The project, which broke ground in 2019, was financed by Guggenheim Credit Services in 2019 with $45 million and $42.2 million remaining, according to property records.
Madison Realty Capital‘s financing thus picks up the slack from Guggenheim Credit Services by advancing $58 million in mortgage and $4 million in mezzanine loans.
“The immediate area is home to more than 56,000 students at five institutions of higher learning, but lacks a significant supply of student housing,” said Josh Zegen, managing director of Madison Realty Capital.
Madison Realty Capital, founded in 2004, has completed more than $15 billion in transactions since its inception. The company now manages about $6 billion in total assets. Among its most recent financings was the loan assigned last June for the construction of EastVillage and The Linden Residences in Austin.
Located along the Parmer Lane technology corridor northeast of the city of Austin, EastVillage is expected to include 317 acres of land with plans to develop 1,264 multi-family residential units. The project is being carried by Reger Holdings.
“This transaction highlights Madison Realty Capital’s solutions-oriented approach and its unique ability to serve as a one-stop financing provider to a highly regarded borrower. Austin is a dynamic up-and-coming city that is experiencing exceptional economic growth, but faces high barriers to entry,” said Josh Zegen, managing director and co-founder of Madison Realty Capital.
In addition to EastVillage, Madison Realty Capital also financed a luxury condominium in downtown Austin called The Linden Residences. For both projects, Madison Realty Capital provided a $278.5 million loan.
“Madison Realty Capital’s senior financing for EastVillage and The Linden marks an exciting milestone for both projects,” said Gordon Reger, “We are pleased to be working with a single source of capital that has the flexibility to fund these diverse projects.”
The company, which is in the midst of a financial campaign, confirms its willingness to expand its projects. According to The Real Deal, Madison Realty Capital also loaned $105 million to Fort Partners for the purchase of the Four Seasons Hotel at The Surf Club in Miami last week.
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Featured photo : © Madison Realty Capital
