Madison Realty Capital Supplies $43M Construction Loan on Hamptons Townhomes Development
Real estate development company JS Squared has secured $43 million of construction financing to build 38 townhomes in the Hamptons, Commercial Observer has learned.
Madison Realty Capital provided the loan for JS Squared’s development in Water Mill, N.Y., on Long Island that will consist of roughly 103,000 sellable square feet.
“Water Mill is a community-oriented village in the Hamptons but has very limited land and housing available as a result of its location along a narrow strip of the beach on the Atlantic Ocean,” Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement. “Demand from New Yorkers and others for second homes in the Hamptons only continues to grow, and townhomes present a unique opportunity to live in an attractive area.”
Located at 66 Nowedonah Avenue, the townhomes will have attached garages along with access to property amenities that include a pool and clubhouse. The development sits near Mecox Bay, between Bridgehampton and Southampton.
JS Squared is led by commercial real estate veterans James Stanton and Jeffrey Suchman. Stanton is president of World Wide Group and Suchman is president of Suchman Group.
“James and I are excited to have the opportunity to develop an elegant, amenity-filled townhouse community in the thriving hamlet of Water Mill centrally located in the Hamptons,” Suchman said in a statement. “The response has been overwhelmingly positive, and we look forward to completing this development.”
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