Madison Realty Capital Loans $385 Million for Apartments in Florida, Boston and New York
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Madison Realty Capital was poised to take advantage of the surge of investment capital flooding the real estate debt sector in the wake of the COVID-19 pandemic, and the New York City-based private equity firm has been putting that money to use up and down the eastern seaboard. Last week, the firm originated a $50 million short-term bridge loan to refinance ENVY, the Pompano Beach, Florida luxury rental building from Invesca Development Group. Further north, MRC closed on a $165 million construction loan to Scape North America, which will put the funds to use building a 451-unit apartment building near Boston’s Fenway Park. And in MRC’s home base, New York City, the private equity firm provided a $173 million construction loan to MAG Partners for a large Chelsea apartment building that will be developed under the Affordable NY program with 30 percent of its units reserved for low- and middle-income New Yorkers.