August 5, 2008/Miami, FL - Madison Capital Group, LLC ("Madison"), acting as exclusive financial advisor to American Land Ventures, has arranged a $63 million non-recourse construction loan for The Residences at the Fountains (top right photo)
, a 251-unit luxury mid-rise apartment community with ground floor retail in the Midtown District of Plantation, Florida, one of Broward County's most affluent suburbs. (Madison managing director Timothy E. Martorella is at top left photo)
Madison had already arranged equity financing for the project earlier this year. The Residences at the Fountains is the first phase of a two phase residential development with construction anticipated to start immediately with occupancy expected in 2010.
With the development of The Residences at the Fountains, American Land Ventures continues to be on the forefront of residential development trends.
With the development of The Residences at the Fountains, American Land Ventures continues to be on the forefront of residential development trends.
Recognizing the strong local economy and the lack of recently completed multifamily product in Plantation, American Land identified an underutilized surface parking lot in the heart of Plantation's Midtown District as a prime redevelopment opportunity.
American Land Ventures was able to create significant value by gaining support from the City for the redevelopment, obtaining necessary governmental approvals and creating an integrated plan that should result in higher returns for the existing retail and new residential development.
"The Residences at the Fountains will be a residential community fully integrated in the
neighboring retail, office and hospitality components creating a mixed-use urban village in the heart of Plantation's core economic hub, the complimentary nature of the uses should result in more efficient parking and traffic management as well as returns greater than the market because of the mix of uses" said Granvil Tracy, (middle right photo) principal of American Land Ventures.
"When completed, this development will be among the highest quality apartment communities in Broward County and is representative of the current trend of non-CDB luxury urban living options. Our role in this transaction illustrates Madison's ability to continue to close financing for our clients despite the current difficult financing markets," explained Timothy E. Martorella,(photo top left) Managing Director at Madison Capital Group.
Madison Capital Group, LLC is a real estate investment and merchant banking fir
m based in Miami. The firm has a product focus on apartments, condominiums, and mixed-use projects and offers a broad range of financial and transactional capabilities to owners of existing or to-be-developed properties and land suitable for these types of development. The firm has closed transactions of all these types for projects in excess of $2 billion in the last four years
American Land Ventures, LLC is a Miami-based multi-family developer and owner, having developed more than 3,500 high-ris
e, mid-rise and garden apartments and condominiums in Florida.
"The Residences at the Fountains will be a residential community fully integrated in the
neighboring retail, office and hospitality components creating a mixed-use urban village in the heart of Plantation's core economic hub, the complimentary nature of the uses should result in more efficient parking and traffic management as well as returns greater than the market because of the mix of uses" said Granvil Tracy, (middle right photo) principal of American Land Ventures."When completed, this development will be among the highest quality apartment communities in Broward County and is representative of the current trend of non-CDB luxury urban living options. Our role in this transaction illustrates Madison's ability to continue to close financing for our clients despite the current difficult financing markets," explained Timothy E. Martorella,(photo top left) Managing Director at Madison Capital Group.
Madison Capital Group, LLC is a real estate investment and merchant banking fir
m based in Miami. The firm has a product focus on apartments, condominiums, and mixed-use projects and offers a broad range of financial and transactional capabilities to owners of existing or to-be-developed properties and land suitable for these types of development. The firm has closed transactions of all these types for projects in excess of $2 billion in the last four yearsAmerican Land Ventures, LLC is a Miami-based multi-family developer and owner, having developed more than 3,500 high-ris
e, mid-rise and garden apartments and condominiums in Florida.The firm specializes in urban infill projects and has recently completed The Peninsula, a 234-unit luxury high-rise condominium community in downtown Jacksonville. American Land also recently completed Phase II of the New River Village development, a 409-unit luxury project located in Downtown Fort Lauderdale on the New River.
TRANSACTION TEAM
Timothy E. Martorella, Managing Director, 305.375.9110 x 116, tm@madison-capital.com
Adam Cappel, Vice President, 305.375.9110 x 109, acappel@madison-capital.com
__________________________
Madison Capital Group, LLC, 800 Brickell Avenue, Penthouse 3, Miami, FL 33131
TRANSACTION TEAM
Timothy E. Martorella, Managing Director, 305.375.9110 x 116, tm@madison-capital.com
Adam Cappel, Vice President, 305.375.9110 x 109, acappel@madison-capital.com
__________________________
Madison Capital Group, LLC, 800 Brickell Avenue, Penthouse 3, Miami, FL 33131
305.375.9110 (PH) 305.375.9153 (fax)
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