NEW YORK, July 22, 2021 (GLOBE NEWSWIRE) -- Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced it has provided a $62 million bridge and construction loan for the refinancing and development of University Pointe, an 877-bed student housing property located in Davie, Florida.
University Pointe is centrally located for students in the South Florida Education Center consortium of higher education institutions, which includes Nova Southeastern University, Broward College, a University of Florida extension campus, Florida Atlantic University-Broward and McFatter Technical College.
“This transaction highlights Madison’s ability to serve as a single-source lender and provide a hybrid bridge and construction financing solution at a competitive 4.5% rate,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “The immediate area is home to more than 56,000 students across five higher education institutions but lacks meaningful supply of purpose-built student housing accommodations. We are pleased to support the completion and future stabilization of University Pointe, the only dedicated student housing option in the area, which will benefit both students, universities, and the surrounding community.”
University Pointe is being developed in two phases with the first 781 beds and 31,000 square feet of retail space completed in 2019. The second phase is scheduled to deliver 96 beds and bring the seventh, 4-story elevatored building to the property. University Pointe consists of one, two, three and four-bedroom units with washers and dryers in every unit, and complete bed-bath parity in addition to attractive student-oriented lifestyle programming, roommate matching and shuttles to local universities.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that manages approximately $6 billion in total assets on behalf of an institutional global investor base. Since 2004, Madison Realty Capital has completed more than $15 billion in transactions in the U.S. providing reputable borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with offices in Los Angeles and Miami, the firm has over 60 employees across all real estate investment, development, and property management disciplines. Madison Realty Capital has been frequently named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as a top construction lender, among other industry recognitions. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.