Madison Realty Capital Lends $74M on NJ Multifamily, Industrial and Retail Portfolio
By Cathy Cunningham January 20, 2021 10:57 am
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Madison Realty Capital has originated a $73.5 million loan for a portfolio of eight multifamily, industrial and retail properties in New Jersey, Commercial Observer has learned.
The debt was provided to a local owner who couldn’t be named by press time.
The portfolio assets, located across the Garden State, include an 8.7-acre residential, commercial and self-storage development site that sits adjacent to the Harrison PATH train station in Harrison; three mixed-use industrial assets located in Harrison, Kearny and Boonton; a Class A industrial building; a net lease retail property in Harrison; and two parcels of land comprising 8.1 acres in Kearny and Brick.
“We are pleased to provide a flexible and innovative financing solution to a highly respected, credit-worthy local borrower for a diverse set of multifamily and industrial properties,” Josh Zegen, managing principal and co-founder of Madison Realty Capital, said. “The New Jersey submarkets where these assets are located are experiencing surging demand for storage, manufacturing and distribution use, and we are excited to provide the financing that will support these businesses. This transaction is emblematic of Madison Realty Capital’s ability to support local borrowers by delivering certainty and execution in a timely manner.”
Pathway Capital Corporation’s Glenn Thomas and Thomas Ravert arranged the loan.
It’s been an active time for Madison Realty Capital, who only last week, financed Toby Moskovits’ new Sunset Park multifamily development with a $53 million loan, as first reported by CO.
And the firm is no stranger to the New Jersey market. In November 2019, it provided a $168 million loan to Manhattan Building Company for the first phase of a massive, multifamily project in Jersey City, N.J. A year earlier, it provided a $67.5 million loan to Accordia Realty Ventures and Eastone Equities for the developers’ transit-oriented multifamily project in Harrison, N.J.
