Berkadia Secures $111M in Aggregate Debt & Equity Financing for Madison Capital Group to Develop two Luxury Apartment Communities in Florida Coastal Cities
Madison Bradenton in Bradenton and Madison Midtown in Melbourne will both have 240 apartments when completed in 2026
Bradenton & Melbourne, Florida – October 15, 2024 – Berkadia announced today the financing of two new luxury garden-style multifamily developments on Florida’s east and west coasts: Madison Bradenton in Bradenton (Sarasota MSA), and Madison Midtown in Melbourne (Space Coast). Associate Director Alec Fox of Berkadia Tampa secured the financing on behalf of the sponsor, Madison Capital Group, a real estate and development firm based in Charlotte, North Carolina. Both properties will consist of 240-units and are slated for completion in 2026.
Berkadia secured $60 million in construction financing for Madison Bradenton, consisting of a $47 million senior loan provided by Peachtree Group and a $13 million mezzanine loan from Hickory CRE. The deal closed on July 27.
The second transaction was $50.7 million in aggregate financing for Madison Midtown, consisting of a $33.5 million senior loan provided by First Citizens Bank and $17.2 million in preferred equity from Forum Capital Advisors. This deal closed on October 8.
“The Space Coast and Sarasota MSA are both well-positioned for sustained rent growth, driven by their robust population inflows, high-quality jobs, and coastal lifestyle demand drivers,” said Fox. “Madison’s ability to conceive, capitalize, and execute on quality multifamily developments in this time of severe market dislocation positions them for success, delivering into a period with minimal new competition.”
He added, “We are proud to support Madison Capital Group in its continued expansion and success in the multifamily sector.”
Located at 301 Boulevard West, Madison Bradenton is in an area characterized by powerful population growth, affluent residents, proximity to jobs, and a coastal lifestyle. The property’s location bordered by South Tamiami Trail and Cortez Boulevard will provide residents with excellent access to high-quality, white-collar jobs, as well as the area’s world-class leisure amenities. It will be located less than a 10-minute drive from Downtown Bradenton, affording residents convenient access to boutiques, upscale dining and entertainment, cafes, parks, and the water.
Located at 1934 South Babcock Street, Madison Midtown is located less than a 10-minute drive from Melbourne Beach, less than 5 minutes from elite white-collar employers including Northrop Grumman, L3 Harris, Collins Aerospace, and Holmes Regional Medical Center (the largest hospital in the Space Coast by bed count). Residents will be within walking distance to the Publix-anchored Melbourne Shopping Center, “A-” rated Melbourne Senior High School, and more.
Both properties will feature 240 one-, two-, and three-bedroom units with high ceilings, chef-inspired kitchens, full-sized washer and dryers, stainless steel appliances, and more. Planned community amenities include secured parking, cyber lounge with flexible workplaces, resort style pool with cabanas, fully equipped outdoor kitchen and grilling areas, and onsite dog parks.
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