Residential Portfolio Comprised of Four Mid-Rise Buildings with 1,161 Units Nearing Completion; Eight-Acre Newark Project Site Includes Plans to Develop 4,200 Residential Units
NEW YORK, May 05, 2021 (GLOBE NEWSWIRE) -- Madison Realty Capital, a fully integrated real estate private equity firm focused on debt and equity investment strategies, today announced it has provided a $395 million loan to Accurate Builders & Developers for a portfolio of assets that includes three nearly-complete multifamily properties located in Bayonne, Raritan and Linden, NJ that includes 1,161 units nearing completion and an eight-acre development located at the site of the Former Bears Stadium in Newark, NJ, that includes plans to develop 4,200 residential units.
"This transaction reflects Madison Realty Capital's ability to provide a complex, hybrid financing solution to a high-quality borrower across price points and all stages of the project lifecycle, from land acquisition, ground up development and leasing," said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. "We are thrilled to expand our relationship with Jack Klugmann of Accurate Builders & Developers and to work with the Town of Newark on this exciting, once-in-a-generation project that benefits the economic revitalization of downtown and will bring much needed high quality housing options to Newark's hard-working residents. Bayonne, Raritan and Linden are attractive, transit-oriented locations with growing demand for high-quality rental housing options."
Details of the portfolio of three multifamily projects near completion, are as follows:
- The four-story Raritan multifamily building offers 276 studio, one- and two-bedroom units, 20 of which are affordable units, and luxury amenities, such as fitness centers, courtyards, BBQ and a parking garage. Leasing for this property is already underway.
- In Linden, the four-story rental property will offer 234 studio, one- and two-bedroom units with access to top-tier amenities including courtyards, pool, fitness centers, roof deck and children's playroom. Leasing for this property is expected to begin over the summer.
- The Bayonne property consists of two, five-story multifamily properties with a mix of 651 studio, one-, and two-bedroom units and will offer top-tier amenities including a roof deck, concierge, pet center, spa facility, rooftop pool, fitness center and outdoor terraces. Leasing is for the buildings is expected to occur at the end of 2021 and the first quarter of 2022, respectively.
The eight-acre Newark project site includes plans to develop 4,200 residential units as part of a master-planned community to be built in nine phases that enables the borrower to develop the assets over time and monetize the assets individually in partnership with the City of Newark. The ground up development project will include 200 affordable units, up to 3,000 parking spaces; at least 100,000 square feet of hospitality/destination retail, co-working space for small business, entrepreneurs, and freelancers; and publicly accessible green space. Shaya Ackerman of Meridian Capital Group arranged the acquisition financing for this 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 $14 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 LinkedInand visit www.madisonrealtycapital.com.
