KUALA LUMPUR, May 6 -- Madison Realty Capital, a fully integrated real estate private equity firm has provided a US$395 million loan to Accurate Builders & Developers for a portfolio of assets. (US$1 = RM4.117)
This includes three nearly-complete multifamily properties located in Bayonne, Raritan and Linden, NJ that comprise 1,161 units nearing completion and an eight-acre development located at the site of the Former Bears Stadium in Newark, NJ, that involve plans to develop 4,200 residential units.
“This transaction reflects Madison Realty Capital’s ability to provide a complex, hybrid financing solution to a high-quality borrower across price points and all stages of the project lifecycle, from land acquisition, ground up development and leasing,” said Madison Realty Capital Managing Principal and Co-Founder, Josh Zegen in a statement.
The four-story Raritan multifamily building offers 276 studio, one and two-bedroom units, 20 of which are affordable units, and luxury amenities, such as fitness centres, courtyards, BBQ and a parking garage. Leasing for this property is already underway.
In Linden, the four-story rental property will offer 234 studio, one and two-bedroom units with access to top-tier amenities including courtyards, pool, fitness centres, roof deck and children’s playroom. Leasing for this property is expected to begin over the summer.
Meanwhile, the Bayonne property consists of two, five-story multifamily properties with a mix of 651 studio, one, and two-bedroom units and will offer top-tier amenities including roof deck, concierge, pet centre and spa facility. Leasing for the buildings is expected to occur at 2021-end and 2022 first quarter, respectively.
The eight-acre Newark project site includes plans to develop 4,200 residential units as part of a master-planned community to be built in nine phases that enables the borrower to develop the assets over time and monetise the assets individually in partnership with the City of Newark.
Shaya Ackerman of Meridian Capital Group arranged the acquisition financing for this transaction.
More details at www.madisonrealtycapital.com.
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