Dealmaker: Madison Realty Capital Originates $113M For Multifamily, Mixed-Use
Madison Realty Capital, New York, originated $113 million for multifamily and mixed-use assets in Nashville and New York.
The firm originated a $23 million loan to M2 Development Partners, Nashville, to construct two residential towers. The borrower plans a 340-unit building with outdoor space at 500 Lafayette Street in the city’s SoBro neighborhood and a 139-unit community in Midtown Nashville.
“As prominent businesses across industries such as Amazon, Ernst & Young, AllianceBernstein and Oracle move and expand into Nashville, demand for high-quality residences continues to grow significantly,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. He noted M2 Development Partners plans to break ground on other Nashville properties, including the Ritz-Carlton Nashville Hotel and Residential Tower, this year.
Madison also originated $90 million to 37 Ave Richouse LLC, New York, for a mixed-use development in Queens, N.Y.
Located at 133-25 37th Avenue in downtown Flushing, the property will include 150 residential condominium units, 202 hotel rooms, 23,000 square feet of ground floor and below-grade retail and 300 parking spaces. The 263,150-square-foot property will feature two joined buildings rising 16 stories and nine stories, respectively, set on a retail podium adjacent to the mixed-use Tangram Complex, which offers retail, residential, office and hotel space.
Zegen noted demand for new residential product in Flushing is rising, “particularly following the development of the modern Tangram Complex, which offers attractive shopping, entertainment and dining from around the globe as well as increased public transit options for commuters that make the neighborhood more accessible.”