News July 03, 2024

Madison Realty Capital, SteepRock Lend $71M Refi South Florida Apartments

Commercial Observer reported that South Florida developer MAG Real Estate & Development has secured a $71 million debt package from Madison Realty Capital and SteepRock Capital to refinance a newly completed multifamily development in Pompano Beach, Fl. Madison and SteepRock originated the bridge loan on MAG’s 228-unit project that began leasing this spring. Loan proceeds will be used to retire previous construction debt for the project, which was also provided by Madison in late 2021. Baybridge Real Estate Capital’s AJ Felberbaum, Jay Miller, Spencer Miller and Noah Rothman arranged the transaction. 

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