NEW YORK, Aug. 04, 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 $44.7 million loan to U.S. Construction for the ground-up development of 14-unit luxury condominium property located at 1625 South Ocean Boulevard in Delray Beach, Florida. 1625 Ocean is one of only two new oceanfront condominiums in Delray Beach in the last 30 years.
The three-story building has been 40% sold to date and is expected to be completed in the next 18-24 months.
“1625 Ocean is a unique project with very strong presale demand that is well positioned in a high barrier to entry market as a result of limited beachfront land availability and development restrictions,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “U.S. Construction is a highly experienced luxury real estate developer with a strong track record of success in Delray Beach and across South Florida and we are pleased to provide them with a highly customized financing solution to make this exciting project a reality. We look forward to continuing our work together and delivering flexible financing on their pipeline of over 400 units.”
The highly amenitized residences will offer 10 condominiums and four penthouse residences on a 120-foot premier stretch of oceanfront with views of the Atlantic Ocean and Florida Intercoastal Waterway. The luxury condominium’s abundance of amenities includes terrace spaces, parking, oceanfront pool, private elevators, sundeck, golf cart charging stations and a full gym.
U.S. Construction is also developing the only other luxury condominium development in Delray Beach, the Ocean Delray, which has experienced strong presale activity. The developer’s local expertise led to the optimization of floorplans, views, and access for 1625 Ocean.
Jason Krane, Principal at Ackman Ziff served as broker on the transaction.
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.