Madison Realty Capital Lends $72M in Florida Boutique Hotel Construction Deal
Commercial Observer has the exclusive scoop on Madison Realty Capital’s latest deal. The New York-based private debt investment fund extended a $72 million construction loan to Menin Development, who will use the money to fund two years of construction at their forthcoming Delray Beach, Fl., hotel. The project, dubbed The Ray, will be managed by Hilton as part of its Curio Collection, and will feature grounds dotted with a collection of sculptures, a 20,000-square-foot pool deck, and a restaurant by renowned Korean chef Akira Back. When asked for a quote, MRC’s Managing Principal and Co-Founder Josh Zegen was enthusiastic about the borrower and the choice of Delray Beach for the location. “It’s a very cool town,” Zegen said.