Madison Realty Capital Lends $310M on Chetrit Group's Miami River Mega-Development
Commercial Observer reported that Madison Realty Capital has provided a $310 million loan to Chetrit Group, a New York-based developer, for the first two phases of Miami River, a 6.2-acre development, located in Miami’s Brickell neighborhood. When completed, Miami River will span 2.5 city blocks, with Madison’s loan financing Phase I, a 54-story, 632-unit mixed-use tower, and Phase II, a two-building structure with 24,000 square feet of commercial space. The second phase will also see the development of a river walk connecting downtown Brickell to Jose Marti Park along the Miami River. Joseph Chetrit, Principal of the Chetrit Group, said Madison “worked diligently” to execute the Miami River financing quickly and efficiently. “We are extremely pleased with their hard work and professionalism,” he said.
