Residential portfolio consisting of four medium-sized buildings with 1,161 units that are nearing completion; The 8-acre Newark property contains plans to develop 4,200 residential units
NEW YORK, May 3, 2021 (GLOBE NEWSWIRE) – Madison Realty Capital, a fully integrated real estate private equity firm focused on debt and equity strategies, announced today that it has granted Accurate Builders & Developers a loan of $ 395 million for a portfolio of assets that includes three near-complete apartment buildings in Bayonne, Raritan and Linden, NJ, including 1,161 near completion units and an 8 acre development on the former site Bear Stadium in Newark, NJ, the development plans include 4,200 residential units.
“This transaction reflects Madison Realty Capital’s ability to provide a high quality borrower with a complex, hybrid financing solution across price points and all phases of the project lifecycle, from land acquisition through under development to leasing,” said Josh Zegen, Managing Principal and Co-Founder by Madison Realty Capital. “We are excited to develop our relationship with Jack Klugmann of Accurate Builders & Developers and to work with the City of Newark on this exciting project that will benefit downtown economic revitalization and provide much-needed high quality housing options for Newark’s hardworking residents . Bayonne, Raritan and Linden are attractive, pass-through locations with growing demand for high quality rental housing options. “
Details of the portfolio of three multi-family projects nearing completion are as follows:
The four-story apartment building in Raritan offers 276 studio, one and two-bedroom units, 20 of which are affordable units, as well as luxurious amenities such as fitness centers, courtyards, BBQ and a parking garage. The leasing for this property is already in progress.
The four-story rental property in Linden offers 234 studio, one and two-room apartments with access to first-class amenities such as courtyards, pool, fitness centers, roof terrace and children’s playroom. The leasing for this property is expected to begin in the summer.
The Bayonne property consists of two five story apartment buildings with a mix of 651 studio, one and two bedroom units and offers first class amenities such as a rooftop terrace, concierge, pet center, spa, rooftop pool, fitness center and outdoor terraces. The buildings are expected to be leased at the end of 2021 or in the first quarter of 2022.
The eight acre Newark project area includes plans to develop 4,200 residential units as part of a master-planned community to be built in nine phases to allow the borrower to develop the assets over time and to develop the assets in partnership with the City of Newark can monetize individually. The basic development project will include 200 affordable units and up to 3,000 parking spaces. at least 100,000 square meters of hospitality / destination retail, co-working space for small businesses, entrepreneurs and freelancers; and publicly accessible green spaces. Shaya Ackerman of Meridian Capital Group arranged the acquisition financing for this transaction.
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About Madison Realty Capital
Madison Realty Capital is a New York City-based real estate private equity firm focused on debt and equity strategies with regional offices in key markets such as Los Angeles and Dallas. Founded in 2004, MRC has completed nationwide multi-family, retail, office, industrial and hotel transactions valued at approximately $ 14 billion. The company manages investments in the United States on behalf of a global investor base. MRC is a fully integrated company with over 60 employees in all disciplines of property investment, development and management. MRC was included in Commercial Observer’s prestigious “Power 100” list of New York real estate providers and is consistently considered one of the best construction lenders in the industry. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.
CONTACT: Nathaniel Garnick / Grace Cartwright Gasthalter & Co. (212) 257-4170 [email protected]