Madison Realty Capital Originates $30 Million Acquisition Loan for Four Acre Mixed Use Development Site in Naples, Florida
The loan will be used to fund the acquisition, closing costs and predevelopment of the property.
NEW YORK, Sept. 24, 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 $30 million loan to M Development, an Aspen-based residential and retail real estate owner and developer, to acquire a 4.27-acre mixed-use development site in Naples, Florida. The loan will be used to fund the acquisition, closing costs and predevelopment of the property.
“We are pleased to provide custom predevelopment financing to M Development for a marquee residential and retail development in Naples, one of the most luxurious and rapidly growing areas of the United States,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “Naples is an attractive market backed by strong demographics, including an affluent community drawn to downtown’s boutique fashion shops, gourmet restaurants, antique stores and art galleries. However, historic Old Naples has limited inventory of Class A apartments. We look forward to working with M Development on this project and to identifying new opportunities together.”
Brandon Tarpey, Senior Vice President of Real Estate at M Development said, “We chose to work with Madison Realty Capital because they have a proven track record of seamless execution across all facets of the development life cycle. Madison also has significant experience investing in the Florida markets and we appreciate that they were able to leverage their expertise to help us complete this exciting transaction and look forward to a long-relationship together.”
Located at 900-1100 Fifth Avenue South in Old Naples, the development site offers an A+ location, visibility, and access for high-quality retail tenants and residential units. M Development is currently evaluating the market and intends to lease the property to investment grade national retail tenants.
JLL’s Scott Aiese, Managing Director, Alex Staikos, Director, and Jesse Wright, Director, served as advisors to M Development.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that manages approximately $6.6 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.
Nathaniel Garnick/Grace Cartwright Gasthalter & Co. (212) 257-4170 [email protected]