Madison Realty Capital announces providing US$85 million loan for luxury condominiums

KUALA LUMPUR, Sept 19 (Bernama) -- Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, has announced providing a US$85 million loan to The Related Group (Related), BH Group, Teddy Sagi’s Globe Invest, and Wanxiang Group Corporation for the acquisition and pre-development of a 6.51-acre land parcel with approved plans for the development of a luxury condominium project on Fisher Island in Miami Beach, Florida. (US$1 = RM4.535)

The parcel is located at 6 Fisher Island Drive at the last remaining condo development site on the 216-acre private island, which is accessible only by ferry, boat, or helicopter and offers significant privacy for its 800 residents.

The condominiums will rise 10 stories and consist of 51 units across a mix of three- to five-bedroom residences, three villas and two penthouses with premium finishes and appliances. The property will include 450 feet of private oceanfront and valet parking for 169 spaces as well as 7 private two-car garages and 93 golf cart spaces.

Residents will have access to premier amenities as well as membership to the Fisher Island Club, which offers beaches, seaside golfing, tennis courts and restaurants.

In a statement, Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, describing Fisher Island as one of the most exclusive residential locations in the country, said owing to the scarcity of land, limited supply of new residences, and significant development timeline, property values on Fisher Island have performed through market cycles.

“We are pleased to provide financing for the acquisition and predevelopment of such a rare development site and to complete our second transaction with Related and BH Group in such a short period of time.”

The loan is Madison Realty Capital’s second to Related and BH Group. In July, it provided the partners with a US$76 million loan for the development of District 225, a 343-unit luxury condominium in Downtown Miami.

Headquartered in New York City, Madison Realty Capital, as of Aug 31, 2022, manages approximately US$9.5 billion in total assets on behalf of a global institutional investor base.

For more information, visit www.madisonrealtycapital.com.

-- BERNAMA