Madison Realty Capital Lends $62M for Florida Luxury Student Housing
By Julia Echikson July 22, 2021 11:59 am
reprints
The developers behind University Pointe, a luxury student housing complex in Davie, Fla., scored a $62 million loan from Madison Realty Capital to refinance and complete construction, the private equity firm announced.
Located at 6350 Griffin Road, the six-building complex sits between the Florida Turnpike and S University Drive, totaling 781 beds and 597,205 square feet, of which 31,000 square feet is dedicated to retail. The project opened in 2019.
The developers — Nob Hill Partners, led by Michael Konig, and Broward Student Housing LLC — had first secured a $45 million loan from Guggenheim Credit Services in 2019, of which $42.2 million remains, property records show.
New York-based Madison Realty Capital is taking over the reins from Guggenheim, loaning $58 million as a part of a mortgage and $4 million as a mezzanine loan. Of the total, $8 million will go towards completing the second phase of the development, which is set to deliver a seventh, four-story building with 96 beds.
“The immediate area is home to more than 56,000 students across five higher education institutions but lacks meaningful supply of purpose-built student housing accommodations,” Josh Zegen, Madison Realty Capital’s managing principal, said in prepared remarks.
These institutions include Nova Southeastern University, Broward College, a University of Florida extension campus, Florida Atlantic University-Broward and McFatter Technical College.
University Pointe consists of one-, two-, three- and four-bedroom units, with washers and dryers in every apartment, and offers shuttles to local universities.
Since its founding in 2004, Madison Realty Capital has completed more than $15 billion in transactions across the country and now manages approximately $6 billion in total assets, the company said. Just last week, the firm loaned $105 million for Fort Partners to purchase Miami’s Four Seasons Hotel at The Surf Club, The Real Deal reported.
Representatives for Nob Hill and Broward Student Housing could not be reached for comment.
Julia Echikson can be reached a jechikson@commercialobserver.com.
