NEW YORK, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced it has provided a $13 million bridge loan to a joint venture between The Sutton Company, KOA Partners and Atalaya Capital for the acquisition and predevelopment of a multifamily development site in Austin, Texas.
Located on 14.8 acres of land at 4700 South Congress Avenue, the property is close to downtown Austin and new mixed-use developments, including Cypress Real Estate Advisors’ 275-unit, SoCo 44 at 4401 South Congress Street and United Properties’ 385-unit St. Elmo Public Market Apartments at 4329 South Congress Street. The joint venture development group has plans to deliver 400 multifamily units, 100,000 square feet of office space, 180 hotel keys and 40,000 square feet of retail space in two phases of development.
“We are pleased to support an institutional JV comprised of highly reputable borrowers and leading local developers with deep ties to the Austin community,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “Austin is experiencing a period of tremendous economic expansion and specifically, South Congress Avenue has seen a series of top-tier new mixed-use apartment developments as a result of its central location close to downtown, the airport, retail shops, and businesses, including the Tesla Giga Plant. This transaction is consistent with Madison’s ability to deliver a wide spectrum of customized loans for residential projects in every stage of development and we look forward to continuing to expand our presence in Austin by identifying high quality projects that will serve Austin’s growing population.”
The transaction follows Madison Realty Capital’s recent $278.5 million construction loan to Reger Holdings, LLC for the EastVillage in Austin’s Parmer Lane tech corridor and The Linden Residences in downtown Austin.
Adi Chugh of Surya Capital Partners advised on the transaction.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that manages approximately $6 billion in total assets on behalf of an institutional global investor base. Since 2004, Madison Realty Capital has completed more than $15 billion in transactions in the U.S. providing reputable borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with offices in Los Angeles and Miami, the firm has over 60 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.