Madison Realty Capital Provides $30 Million Inventory Loan for Two Luxury Condominiums at Metropica in Sunrise, FL

 

Melissa Rose

 NEW YORK, NY –– Madison Realty Capital, a fully integrated real estate private equity firm focused on debt and equity investment strategies, announced it has provided a $30 million first mortgage loan to Metropica Development for a luxury condominium tower and a ten-acre development site, which includes plans to develop a second 250-unit multifamily tower.

 The portfolio is part of Metropica, a four million-square-foot master planned community comprised of luxury residences, modern office towers and high-end retail offerings located in Sunrise, Florida.

Joseph Kavana

 Melissa Rose of JLL Capital Markets arranged the financing from Madison Realty Capital.

 Metropica Development, led by Joseph Kavana, began construction of the first 263-unit luxury condominium tower in 2017 and has sold 174 units to date.

 Madison’s loan will be used to support 89 units, representing 101,989 square feet on the upper floors of the first condominium tower as well as the adjacent 250-unit second condominium tower.

Josh Zegen

 In addition to the first tower, the Metropica master planned development will include 500 multifamily units, 550,000 square feet of commercial space for luxury retail, dining and entertainment destinations as well as 246 hotel keys.

 “We are pleased to deliver a customized and flexible financing solution for the remaining condo inventory in the Metropica Development,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital.

Metropica Tower One, Sunrise, FL

 “Madison’s ability to finance residential projects through every stage of development was highly attractive to Metropica, an experienced local development firm, and we look forward to working with Joseph and his team to support this unique and ambitious project.”

 Located at 2000 Metropica Way, adjacent to the Sawgrass Mills shopping mall and BB&T Center, the 28-story Metropica Tower offers luxury residences with an average of 1,034 square feet, top-of-the-line finishes and high-concept designs from Oppenheim Architecture and YOO Studio.

 The tower’s resort-style amenities consist of a saltwater swimming pool, lounges, movie theater, fitness center, massage and yoga centers, and a children’s playroom.

 CONTACTS:

Kristen Murphy

Senior Manager, Public Relations, Investor Services

JLL

One Post Office Square, Suite 3500

Boston, MA 02109

T +1 617 848 1572

M +1 617 543 4873

Kristen.Murphy@am.jll.com

            and

 Nathaniel Garnick/Grace Cartwright

Gasthalter & Co.

(212) 257-4170

madisonrealty@gasthalter.com

 Also see Madison Realty on LinkedIn and visit www.madisonrealtycapital.com.