Madison Realty Loans $62M for Pompano Beach Multifamily Project
By Julia Echikson and Cathy Cunningham November 5, 2021 5:13 pm
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MAG Real Estate & Development, a Delray Beach-based full-service development and construction management company, is moving ahead with two multifamily projects in Pompano Beach and Lake Worth, Fla., Commercial Observer has learned.
Madison Realty Capital loaned $61.5 million for the construction of Aviara East Pompano and Aviara Lake Worth, according to sources familiar with the deal.
The Lake Worth development will include 36 townhouses, a source said. MAG purchased the 3.8 acre-site at 307 N J Street, just east of Dixie Highway, for $1.2 million in 2019, property records show.
The working-class town sits right across the Intracoastal Waterway from ritzy Palm Beach, home to billionaires such as Blackstone’s Stephen Schwarzman and former President Trump.
The Pompano Beach project, 30 miles down Route 1, will hold a two-building complex with a shared ground floor, dedicated to retail, the sources said. The buildings will rise eight stories and six stories, respectively, and hold 228 units in total.
Located at 1621 S Dixie Highway, the project sits along one of South Florida’s busiest arteries, north of Fort Lauderdale. MAG purchased the parcel, which held a one-story storage facility, for $2.1 million in 2017, per records.
Representatives for MAG did not respond in time to comment. BayBridge Real Estate Capital’s AJ Felberbaum, Jay Miller and Spencer Miller advised MAG. They declined to comment.
Pompano Beach is undergoing a makeover with the Related Group doubling down on the quiet seaside town. Considered one of South Florida’s largest condo developers, Related broke ground on a luxury building, Solemar, in May and won approval for a 21-story tower nearby in September.
“As employers continue to expand across Broward County, Pompano has become one of the fastest-growing markets in South Florida, yet the city lacks new high-quality rental housing options,” Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a prepared statement.
It’s been a busy week for Zegen’s Madison Realty Capital in South Florida. The New York-based firm loaned $310 million to the Chetrit Group’s mixed-use project in Miami’s Brickell neighborhood.
