Madison Realty Capital Lends $258M on NJ Multifamily Development Portfolio
Commercial Observer is reporting that Madison Realty Capital has closed a $258 million loan for a slate of three New Jersey residential projects. The firm, which specializes in real estate debt funds, provided the loan to Jack Klugmann’s Accurate Builders and Developers of New Jersey, which will use the capital to fund a trio of transit-oriented developments around the state. These developments include the 651-home Harbor Station South in Bayonne, where residents will enjoy easy access to Bayonne Golf Course as well as Manhattan skyline views; The Crossroads at Raritan, a 276-residence building close to the Raritan Train Station; and an as-yet-undisclosed Linden project that is currently under contract.
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