Dealmaker: Berkadia Secures $111M in Debt, Equity for Florida Apartments

(Madison Bradenton courtesy of Berkadia)

Berkadia, Ambler, Pa., secured $111 million for two new garden-style multifamily communities on Florida’s east and west coasts: Madison Bradenton in Bradenton and Madison Midtown in Melbourne.

Associate Director Alec Fox of Berkadia Tampa secured the financing for sponsor Madison Capital Group, Charlotte, N.C. Both 240-unit properties are slated for completion in 2026.

Berkadia secured $60 million in construction financing for Madison Bradenton, consisting of a $47 million senior loan provided by Peachtree Group and a $13 million mezzanine loan from Hickory CRE.

The second transaction was $50.7 million in aggregate financing for Madison Midtown, consisting of a $33.5 million senior loan provided by First Citizens Bank and $17.2 million in preferred equity from Forum Capital Advisors. The deal closed on October 8.

“The Space Coast and Sarasota MSA are both well-positioned for sustained rent growth, driven by their robust population inflows, high-quality jobs, and coastal lifestyle demand drivers,” Fox said.