Madison Realty Capital provides US$32 mln loan for multifamily development in Seattle

KUALA LUMPUR, Oct 17 (Bernama) -- Madison Realty Capital, a vertically integrated real estate private equity firm, has provided a US$32 million loan to Vibrant Cities for a recently completed, eight-storey mixed-use residential and retail property located in the Capitol Hill neighbourhood of Seattle, Washington. (US$1=RM4.710)

“We are pleased to further expand our presence in the Pacific Northwest by delivering a customised financing solution to Vibrant Cities, an experienced developer in Seattle with an extensive history of delivering high-quality multifamily properties,” said Madison Realty Capital managing principal and co-founder, Josh Zegen.

The 95-unit property, known as Pivot Apartments, is 69 per cent leased to date, containing 4,900 square feet of ground floor retail space that is fully leased to Wasabi Sushi, La Cocina Oaxaqueña, and Social Tea.

Thirty of the property’s residential units are fully leased for short-term rentals to Sonder USA Inc, a boutique hospitality company and short-term rental manager.

According to a statement, the Property participates in Seattle’s Multifamily Tax Exemption Programme by designating 20 per cent of the residential units as affordable.

Pivot contains a unit mix of studio, one-, and two-bedroom residences with modern interiors and built-in closets, with some units offering private balconies.

Community amenities include an outdoor deck, parking garage, bike storage, on-site office, and fitness centre for both long-term and short-term tenants.

Madison Realty Capital is headquartered in New York City with an office in Los Angeles.

-- BERNAMA