NEW YORK, Nov. 04, 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 $310 million loan to The Chetrit Group for the first two phases of development of a 6.2-acre mixed-use site located in Brickell, Florida. The loan is also secured by land for the third, fourth and fifth phases of development, which is zoned and entitled for approximately 1,300 residential units.
The site will be developed in five phases spanning 2.5 city blocks and deliver 1,928 multifamily units with top-of-the-line amenities including boat slips, an outdoor theater, residents lounge, business center, state-of-the-art gym, pool and café. Madison Realty Capital’s loan will be used to finance Phase I of Miami River which will deliver a 54-story, 632-unit mixed-use tower and Phase II, which will consist of a two-building three-story development with 24,000 square feet of commercial space and a publicly accessible esplanade and river walk along the Miami River connecting downtown Brickell to Jose Marti Park. Funds from the transaction will be contributed to the Miami Dade Affordable Housing Trust Fund earmarked for the East Little Havana Area. Additionally, funds will go toward improvements for the Jose Marti Park and City of Miami Trolley.
“Brickell has the highest concentration of international banks in the Southeastern United States, and as major corporations relocate and open new offices in Miami, Brickell continues to experience rapid employment growth and high demand for modern housing options,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “The Chetrit Group is a highly sophisticated and experienced owner and developer with significant experience in Miami and New York, and we are pleased to leverage our expertise in delivering financing solutions through every phase of development to be the lender of choice for the first phases of this world-class project. We look forward to continuing to identify creative opportunities to support the Chetrit Group’s Miami River development, which will bolster the neighborhood’s expanding live, work and play environment. Furthermore, we are excited to be part of a project that contributes toward affordable housing in Miami as well as further improvements in public areas and public transit that benefit the city at large.”
Joseph Chetrit, Principal of the Chetrit Group, said, “The team at Madison Realty Capital worked diligently to execute this transaction quickly and efficiently. We are extremely pleased with their hard work and professionalism.”
The Chetrit Group contributed significant cash equity for the transaction.
Henry Bodek of Galaxy Capital, who served as broker for the transaction, added, “Madison Realty Capital’s significant experience in Miami and proven track record of delivering flexible financing solutions for our clients made them the ideal fit to execute on behalf of a premier sponsor with a well located, high-quality asset. Madison is committed to their clients, and they consistently deliver with professionalism, speed, and certainty.”
Madison Realty Capital has significant experience in Miami and South Florida across asset classes. Notable recent investments include a $105 million loan to Fort Partners for the acquisition of the Four Seasons Hotel Miami located in Brickell; a $30 million loan to M Development to fund the acquisition, closing costs and predevelopment of a 4.27-acre mixed-use development site in Naples; a $44.7 million loan to U.S. Construction for the ground-up development of 14-unit luxury condominium property located in Delray Beach; a $62 million bridge and construction loan for the refinancing and development of University Pointe, an 877-bed student housing property located in Davie, and a $30 million first mortgage loan to Metropica Development for a luxury condominium tower and a ten-acre development site as part of a four million-square-foot master planned community comprised of luxury residences, modern office towers and high-end retail offerings located in Sunrise.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that manages approximately $6.7 billion in total assets on behalf of an institutional global investor base. Since 2004, Madison Realty Capital has completed more than $16 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.
