Madison Realty Capital extends LA push with $91M loan
The Real Deal reported that Madison Realty Capital provided a $91 million loan to finance a mixed residential rental project in the San Fernando Valley. Madison’s loan will help develop a large mixed-use project in Granada Hills, a suburban neighborhood at the northern edge of the City of Los Angeles. The project has plans for 6,000 square-feet of retail space plus 102 townhomes, slated for single family rentals, and a three-story apartment building with 140 units. As greater L.A.’s residential market has soared throughout the pandemic, prices in the traditionally more affordable San Fernando Valley have indeed been notching records: In May, the area’s median single-family closing price hit $945,000, the highest mark ever and more than 25 percent above the median a year earlier. Madison extended the loan to a partnership between Harridge Development Group, Silverpeak Real Estate Partners and Atalaya Capital, which are developing the project.