News November 12, 2020
Madison Realty Capital Loans $385 Million for Apartments in Florida, Boston and New York
Madison Realty Capital was poised to take advantage of the surge of investment capital flooding the real estate debt sector in the wake of the COVID-19 pandemic, and the New York City-based private equity firm has been putting that money to use up and down the eastern seaboard. Last week, the firm originated a $50 million short-term bridge loan to refinance ENVY, the Pompano Beach, Florida luxury rental building from Invesca Development Group. Further north, MRC closed on a $165 million construction loan to Scape North America, which will put the funds to use building a 451-unit apartment building near Boston’s Fenway Park. And in MRC’s home base, New York City, the private equity firm provided a $173 million construction loan to MAG Partners for a large Chelsea apartment building that will be developed under the Affordable NY program with 30 percent of its units reserved for low- and middle-income New Yorkers.