Loan Facilitates Acquisition of Last Remaining Development Site on Exclusive Island
NEW YORK, Sept. 15, 2022 (GLOBE NEWSWIRE) — Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced that it has provided an $85 million loan to The Related Group (“Related”), BH Group, Teddy Sagi’s Globe Invest, and Wanxiang Group Corporation for the acquisition and pre-development of a 6.51-acre land parcel with approved plans for the development of a luxury condominium project on Fisher Island in Miami Beach, Florida.
The parcel is located at 6 Fisher Island Drive at the last remaining condo development site on the 216-acre private island, which is accessible only by ferry, boat, or helicopter and offers significant privacy for its 800 residents. The condominiums will rise ten stories and consist of 51 units across a mix of three- to five-bedroom residences, three villas and two penthouses with premium finishes and appliances. The property will include 450 feet of private oceanfront and valet parking for 169 spaces as well as 7 private two-car garages and 93 golf cart spaces. Residents will have access to premier amenities as well as membership to the Fisher Island Club, which offers beaches, seaside golfing, tennis courts and restaurants.
Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said, “Fisher Island is one of the most exclusive residential locations in the country. Owing to the scarcity of land, limited supply of new residences, and significant development timeline, property values on Fisher Island have performed through market cycles. We are pleased to provide financing for the acquisition and predevelopment of such a rare development site and to complete our second transaction with Related and BH Group in such a short period of time.”
The loan is Madison Realty Capital’s second to Related and BH Group. In July, it provided the partners with a $76 million loan for the development of District 225, a 343-unit luxury condominium in Downtown Miami.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that, as of August 31, 2022, manages approximately $9.5 billion in total assets on behalf of a global institutional investor base. Since 2004, Madison Realty Capital has completed approximately $21 billion in transactions providing borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with an office in Los Angeles, the firm has approximately 70 employees across all real estate investment, development, and property management disciplines. Madison Realty Capital has been frequently named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as a top construction lender, among other industry recognitions. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.
Nathaniel Garnick/Grace Cartwright Gasthalter & Co. (212) 257-4170 [email protected]