NEW YORK, Oct. 23, 2019 /PRNewswire/ -- Madison Realty Capital (MRC) announced it has originated two loans totaling $35.1 million for the completion of two separate Southern California residential development projects. The deals include a $15.1 million construction loan for a condominium at 2750 4th Avenue in San Diego and a $20 million construction loan for a condominium at 154 North La Peer Drive in Beverly Hills.
MRC's $15.1 million construction loan for 2750 4th Avenue allows the borrower, a joint venture between a local developer and an institutional hedge fund, to complete the construction of a 16-unit, five-story, 37,941-square-foot building with one ground floor commercial unit. The opportunity to fund the project was initially presented to MRC through the firm's relationship with HFF.
Separately, MRC's $20 million construction loan for the 154 North La Peer Drive project in Beverly Hills allows the sponsor to complete a 16-unit, four-story, 34,135-square-foot condominium. MRC was able to quickly provide this experienced local developer with a fully capitalized solution to complete the project without delay.
The transactions are representative of MRC's continued national growth and showcases the expansion of the firm's lending coverage across Southern California. With these latest deals, the company has now closed eight West Coast transactions for a total of $717 million since the New York City-based private equity firm announced the opening of its first Los Angeles office in spring 2018.
"MRC is pleased to announce these two financing transactions as we continue to expand our footprint throughout the West Coast," said Josh Zegen, Co-Founder and Managing Principal of MRC. "Both sponsors chose MRC to assist with the completion of these mid-construction projects based on our certainty of execution, in-house servicing and deep understanding of the Southern California residential market. Each construction loan will allow the borrowers to bring competitively priced condo units to their respective regions, and we expect both properties to attract considerable interest upon completion."
The 2750 4th Avenue project property will feature two-to four-bedroom residential units and will include an on-site parking garage. The Bankers Hill submarket of San Diego is considered one of the most desirable urban neighborhoods in the area given its proximity to the world-famous Balboa Park and numerous nearby restaurants, cafes and bars.
All units at the 154 North La Peer Drive project will include two bedrooms, two bathrooms and a powder room with a shower to accommodate an optional third bedroom or den. With just four units per floor, each will occupy a corner to provide optimal natural light. The property will also feature a parking garage with two assigned parking spaces per unit.
About Madison Realty Capital (MRC)
Madison Realty Capital (MRC) is a New York City-based real estate private equity firm focused on debt and equity investment strategies. Founded in 2004, MRC has closed on approximately $11 billion of transactions in the multifamily, retail, office, industrial and hotel sectors. 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.
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SOURCE Madison Realty Capital