Madison Realty Capital, SteepRock Lend $71M Refi South Florida Apartments
By Andrew Coen July 3, 2024 12:41 pm
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South Florida developer MAG Real Estate & Development has sealed a $71 million debt package to refinance a newly completed multifamily development in Broward County, Commercial Observer has learned.
Madison Realty Capital and SteepRock Capital originated the bridge loan on MAG’s 228-unit Aviara East Pompano project in Pompano Beach, Fla., that began leasing this spring. Loan proceeds will be used to retire previous construction debt for the project, also supplied by Madison Realty in late 2021.
Baybridge Real Estate Capital’s AJ Felberbaum, Jay Miller, Spencer Miller and Noah Rothman arranged the transaction.
Located at 1621 South Dixie Highway, the two-building residential complex also features 10,000 square feet of ground-floor retail space. Property amenities include a fitness center, pool and conference room.
Delray Beach-based MAG acquired the 5.13-acre site, which previously housed a one-story storage facility, in 2017 for $2.1 million, CO previously reported, citing property records.
Officials at MAG and SteepRock Capital did not immediately respond to requests for comment. Madison Realty Capital and BayBridge declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
