NEW YORK, March 18, 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 $65 million loan for the construction of 220 multifamily units in Warren, New Jersey to Canoe Brook Development, a real estate development and investment firm comprised of the former founding partners of Roseland Property Company, and RoeCo Holdings, a private real estate investment and development company based in New York City.
Located at 284 King George Road, the property extends nine acres and will include a pad site for an approved 130-key hotel. The Class-A multifamily development will consist of a variety of one to three-bedroom units spread over two buildings and offer state-of-the-art amenities including a fitness center, outdoor pool and lounge, courtyards, a business center and 358 parking spaces. The four-story property will designate a portion of the units as inclusionary affordable. Canoe Brook sold a portion of the property to Pulte Homes, who is developing 115 for-sale townhomes and condominiums.
Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said “Warren is an attractive and growing sub-market backed by an affluent population and excellent public schools, however development complexities have limited the availability of high-quality multifamily housing. Canoe Brook has a strong track record developing luxury multifamily housing in New Jersey, as well as an expansive pipeline of multifamily units under construction and in pre-development. We will continue to identify opportunities to support the delivery of desirable housing in high-barrier to entry markets.”
“Madison Realty Capital has a highly experienced team with significant familiarity with New Jersey. We knew their ability to deliver certainty of execution and flexible financing made them the right choice for this project,” added Marshall Tycher, Principal of Canoe Brook Development.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that, as of December 31, 2021, manages approximately $8 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.
