Madison Realty Capital Originates $76 Million Loan to The
NEW YORK, July 08, 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 originated a $76 million loan to The Related Group for the development of a 343-unit luxury condominium project in Miami, Florida. The Related Group is managing development of the property in partnership with ROVR Development and BH Group.
The 37-story property, known as District 225, is located at 225 North Miami Avenue in Downtown Miami and will include approximately 1,722 square feet of ground floor retail along the avenue. The fully pre-sold property, designed by Siegler Suarez Architects will comprise a mix of fully furnished studio, one-, and two-bedroom units designed by interior design firm, Meshberg Group. Each unit will include floor to ceiling windows and customizable smart-home technology to manage the unit from anywhere. The property will offer top-line amenities including a rooftop deck, basketball and racquetball courts, a rock-climbing wall and fitness center, co-working spaces and resort style rooftop pool deck with fire pits and outdoor kitchens. District 225 will incorporate unique short-term rental capabilities as part of the Related Group’s collaboration with Airbnb.
Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said “As major businesses continue to move to Miami, expanding the city’s banking, investment, and financial sectors, the demand for highly amenitized housing from young professionals, families and new residents is skyrocketing. The Related Group is one of the largest developers in Florida and we are pleased to leverage our expertise and scale in the Miami market to work with them on this dynamic living option. As more people work from home and enjoy more flexible lifestyles, the Airbnb partnership offers residents the unique ability to travel while earning additional income through home sharing and built in, easy rental management services.”
“District 225 is a project of many firsts. Now, with financing in hand, we’re happy to share the development is also the first of Related’s next-generation Miami-Dade condos to begin vertical construction,” said Jon Paul Perez, Related Group president. “We couldn’t be more pleased with the reception District 225 saw from buyers and the industry. Not only did the project sell out in record time, but it also gave birth to an all-new type of restriction-free development that’s already had many other projects follow in its footsteps.”
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 City, with an office in Los Angeles, the firm has approximately 70 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.
Media contacts:
For Madison Realty Capital
Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.
(212) 257-4170
[email protected]
