News June 01, 2021
Joseph Kavana lands $30M loan for existing condo inventory at Metropica
The Real Deal has reported that Madison Realty Capital extended a $30 million inventory loan to developer Joseph Kavana for his Metropica Development just east of the Florida Everglades. The condo inventory loan mortgages 89 unsold units at the 263-unit One Metropica, the first tower to be completed in the $1.5 billion, master-planned community, and will be used to build the development’s second tower as well as pay off the first building’s construction loan. Madison Realty Capital has been very active in South Florida, where the New York-based debt investment firm has provided financing to projects including Boca Raton’s Mandarin Oriental Residences and Monad Terrace in Miami Beach.