NEW YORK, April 21, 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 provided a $110 million loan to a joint venture between Harridge Development, Silverpeak Real Estate Partners and an affiliate of Cerberus Capital Management for single family home lots located at 27812 South Western Avenue in San Pedro, California.
To date, the majority of the lots in the master planned gated community have been sold or are in contract with home developers.
“We are pleased to provide an attractive, flexible financing solution to an institutional sponsorship group to support the final stages of the development of much needed, high-quality, and well-priced housing for San Pedro, a historic neighborhood less than 20 miles south of Downtown Los Angeles,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “Madison Realty Capital has deep experience financing residential projects across the country through every stage of development, from construction through lease-up. Moreover, this transaction represents the third project we have financed for Harridge Development, a world-class real estate developer with a strong track record of execution.”
The sponsorship group purchased the lots in 2018 and subsequently completed the horizontal development of infrastructure and roads to prepare the site to be sold to national home builders.
Adi Chugh of Maverick Commercial Properties advised the sponsorship group on the transaction.
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.