MADISON REALTY CAPITAL ORIGINATES US$345 MILLION LOAN TO CRONIN DEVELOPMENT

KUALA LUMPUR, Jan 14 (Bernama) -- Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, announced that it has originated a US$345 million loan to Cronin Development. (US$1 = RM4.180)

This is for the completion of a 22-story, 114-unit residential and retail condominium development at 150 Seaport Boulevard in Boston, Massachusetts, according to a statement.

Managing Principal and Co-Founder of Madison Realty Capital, Josh Zegen, said: “Boston’s Seaport District is expanding rapidly, but high barriers to entry and long entitlement processes have constrained the supply of luxury condominium offerings.”

“We are pleased to expand our presence in Boston to deliver an attractive and complex financing solution mid-construction for a significantly presold property to Cronin Development, a developer with over twenty years of experience developing and managing real estate projects in the Boston area.”

“This transaction reflects Madison Realty Capital’s ability to deliver unique financing and certainty of execution for residential projects in every phase of development.”

Meanwhile, Founder of Cronin Development Jon Cronin said: “We are thrilled to engage Madison Realty Capital as a single source of financing to complete this luxury residential product, which will be the last waterfront residential development in the Seaport District.”

The property will contain a mix of one-bedroom to six-bedroom penthouse residences with waterfront views, a majority of which will feature outdoor space, and 10,211 square feet of retail.

The Residences will feature a full range of amenities, including a fitness and wellness centre with a spa and jacuzzi, bistro-style restaurant with waterfront dining, a grand lounge and pool overlooking the harbour, boardroom, business centre, catering kitchen, and two guest suites, all managed by St. Regis residential staff.

More details at www.madisonrealtycapital.com.

-- BERNAMA