News July 21, 2021
Davie student housing complex scores $62M refi, construction loan
New York-based debt investment firm Madison Realty Capital announced it has provided a $62 million refinancing and construction loan for the development of University Pointe, an 877-bed student housing property in Davie, Florida. Josh Zegen, Madison’s Managing Principal and Co-Founder, told The Real Deal that less than $8 million of the loan will go toward finishing University Pointe’s seventh building, with the remainder paying off construction loans used to build the first six structures. While the pandemic has sent shockwaves through the student housing market, many Floridian universities remained open, giving Mr. Zegen and Madison confidence in the future of University Pointe, which is roughly 90% occupied.