NEW YORK, April 13, 2021 (GLOBE NEWSWIRE) -- Madison Realty Capital, a fully integrated real estate private equity firm focused on debt and equity investment strategies, today announced that it has originated a $145.7 million construction loan to Accurate Builders & Developers for a 325-unit multifamily project located at 100-120 Cherry Hill Road in Parsippany, New Jersey, and a 220-unit multifamily property with an adjacent 60 townhomes located at 180-181 Mountainview Boulevard in Basking Ridge, New Jersey.
“We are pleased to provide an efficient, bespoke financing solution to support the construction of Class-A, highly-amenitized residential properties in attractive, high barrier to entry New Jersey markets,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “Accurate Builders is a prolific New Jersey commercial real estate developer with a strong development pipeline of more than 2,000 residential units and 800,000 commercial square feet across New Jersey, and we look forward to further expanding our relationship with a repeat borrower.”
The loan will be used to finance the acquisition and fund construction of the Parsippany site, known as The Morrison and the Basking Ridge property named, The Mountainview, both of which were acquired in 2020 and are fully approved to break ground. The Morrison will consist of two residential buildings with studios, one-, two- and three-bedroom apartments and include a garage, courtyard, pool and recreation space. Spanning 76 acres, The Mountainview will offer studios, one-, two- and three-bedroom apartments and three-bedroom townhome units which will include a garage. Residents of The Mountainview apartments and townhomes will have access to high quality amenities including a clubhouse, outdoor pool, fitness center, event room, lounge and game room.
About Madison Realty Capital
Madison Realty Capital is a New York City based real estate private equity firm focused on debt and equity investment strategies with regional offices in key markets including Los Angeles and Dallas. Founded in 2004, MRC has closed on approximately $13 billion of transactions in the multifamily, retail, office, industrial and hotel sectors nationwide. The firm manages investments in the United States on behalf of a global investor base. MRC is a fully integrated firm with over 60 employees across all real estate investment, development, and property management disciplines. Among other industry recognitions, MRC has been named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as one of the industry’s top construction lenders. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.
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