Dealmaker: Madison Realty Capital Originates $403M in Boston, Oakland

Madison Realty Capital, New York, originated $345 million for a 22-story, 114-unit residential and retail condominium development at 150 Seaport Boulevard in Boston.

When completed, 150 Seaport Boulevard will contain a mix of one-bedroom to six-bedroom residences with waterfront views and 10,200 square feet of retail.

Madison Realty Capital Managing Principal and Co-Founder Josh Zegen said Boston’s Seaport District is expanding rapidly, but noted high barriers to entry and a long entitlement process have constrained supply of condominiums.

Cronin Development Founder Jon Cronin said 150 Seaport Boulevard will be the last waterfront residential development in the Seaport District.

Madison also originated $58 million to refinance Old Oakland, a collection of 10 historic creative office and retail properties in Oakland, Calif.

Located in downtown Oakland, the properties span two city blocks and total 238,305 square feet. Tenants include Laurene Powell Jobs’ Emerson Collective and the headquarters of Blue Bottle Coffee and ThredUp. The property hosts one of the country’s oldest running open-air farmer’s market and a seasonal ice rink.

Zegen noted downtown Oakland offers a number of historic buildings with build-outs designed for creative and entrepreneurial tenants.