NEW YORK, May 26, 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 originated a $102 million loan for the acquisition and construction of a 479,500 square foot mixed-use development located at 650 Fairmount Avenue in Fairmount, a fast-growing community within the Northern Liberties neighborhood of Philadelphia, Pennsylvania.
Located on a 4.1-acre development site, the property will comprise 327 multifamily units, 77 townhomes, 21,000 square feet of ground floor and below grade retail space, and 200 parking spaces. The multifamily portion of the property will offer studios and a range of one- to three-bedroom units, while the townhomes will consist of three- and four-bedroom units and feature attached garages. Sixty of the multifamily units and 10 of the townhomes will be designated as affordable. Upon completion, amenities for the multifamily portion of the property will include a swimming pool, state-of-the-art fitness center, and an outdoor tenant lounge.
Over the last several years, the Northern Liberties neighborhood has experienced tremendous growth, fueled by an ongoing influx of young professionals drawn to the historic neighborhood which is situated near key public transit options and major employment opportunities in Center City and greater Philadelphia.
Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said, “Philadelphia’s reputation as a hub for academic and medical research and innovation continues to attract professionals that drive demand for luxury housing options. Madison Realty Capital is pleased to finance a much-needed multifamily project and we look forward to continuing to identify opportunities to support multifamily, townhouse, and retail offerings that meet demand in Philadelphia’s high-barrier-to-entry market.”
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that, as of March 31, 2022, manages approximately $8.5 billion in total assets on behalf of a global institutional investor base. Since 2004, Madison Realty Capital has completed approximately $20 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
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