Dealmaker: Madison Realty Capital Originates $65M in Construction Financing

Madison Realty Capital, New York, originated $65 million to construct 220 multifamily units in Warren, N.J.

Canoe Brook Development, New York, is developing an apartment property at 284 King George Road. The Class A multifamily development will include one- to three-bedroom units spread over two buildings. The four-story property will designate some units as inclusionary affordable.

The site extends nine acres and will include a pad site for an approved 130-key hotel. Canoe Brook also sold a portion of the property to Pulte Homes, which will develop 115 for-sale townhomes and condominiums on the site.

Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, called Warren an attractive and growing submarket backed by an affluent population and excellent public schools. But he noted development complexities have limited the availability of quality multifamily housing in the township.

“Canoe Brook has a strong track record developing luxury multifamily housing in New Jersey, as well as an expansive pipeline of multifamily units under construction and in pre-development,” Zegen said. “We will continue to identify opportunities to support the delivery of desirable housing in high-barrier-to-entry markets.”