Madison Realty Capital Lends $55M to Build Rental in Miami’s Edgewater
Commercial Observer reported that Colombian firms Grupo Diana and Korner SAS have landed a $55 million construction loan from Madison Realty Capital for an Edgewater residential development. The 32-story development, Metro Edgewater, will feature 279 rental apartments spanning 266,306 square feet, as well as 4,230 square feet of retail on the ground floor and 312 onsite parking spots. Carlos Ortiz of the Metro Edgewater team said, “We were confident about engaging Madison Realty Capital, and they have delivered a customized, single-source financing solution for the construction of Metro at Edgewater. Their execution ability, and familiarity with Miami’s residential real estate market has helped us to make significant progress and will effectively push us toward our planned completion in July 2023.”
