NEW YORK, May 3, 2017 /PRNewswire/ -- Madison Realty Capital (MRC), an institutionally-backed real estate investment firm focused on real estate equity and debt investments in the middle markets, provided a $65.0 million construction loan to finance completion of the Riva condominium development in Fort Lauderdale, FL. Riva is a riverfront luxury residential project located within a mile of Fort Lauderdale Beach and offering 100 residential units with four distinct unit types, an expansive club deck, extensive amenities, and ample parking. Riva is currently 55% presold, largely to local buyers from Broward County and other domestic purchasers. Construction is 65% complete and expected to finish in September.
Josh Zegen, Co-Founder and Managing Principal of MRC, made the announcement. "Riva is a beautifully designed and well-located condominium development with outstanding amenities, and we're pleased to provide the financing solution to help the sponsor complete and deliver the project," Zegen said. "The property's sales performance to date indicates success in attracting local buyers. In a market where many South Florida condominiums are reliant on cross-border customers, the ability to tap into a domestic customer base made Riva a more attractive financing prospect."
Riva is located at 1180 North Federal Highway in Fort Lauderdale, on a site with 400 feet of frontage on the Middle River. Central elements of the building's design and lifestyle are the 60-foot wide glass lobby with river views, and 40,000 square foot club deck on the fourth floor overlooking the river. The club deck space will incorporate several amenities, including a 7,000 square foot fitness center, 2,500 square foot club room, 1,500 square foot kitchen, private wine lockers, dog park, and full-size lap pool. 22 of the residential units will be sold with boat slips. Additional amenities include concierge and valet services.
Of the 100 units, 40 will have water views, 32 will have views of Downtown Fort Lauderdale, and 28 will offer both water and Downtown views. Floorplans range in size from 1,538 to 8,788 square feet, with an average unit size of 2,402 square feet. All units will offer the finest luxury appointments. Riva also has a ground-floor commercial unit totaling 8,000 square feet that is expected to be sold for retail or restaurant use.
The sponsor is an experienced developer that has built over 2,000 residences in Florida with an aggregate value of $800 million.
About Madison Realty Capital (MRC)
MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market. Founded in 2004, MRC has invested in approximately $6.0 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.
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SOURCE Madison Realty Capital