Madison Realty Capital Supplies $61M Bridge Loan for N.J. Multifamily Project
By Andrew Coen April 9, 2026 1:04 pm
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An affiliate of Sanz Property Management has sealed $61 million of bridge debt for a newly completed multifamily asset in northern New Jersey, Commercial Observer has learned.
Madison Realty Capital originated the loan to fund the lease-up of a the 135-unit
Braddock Park West property in North Bergen, N.J. The deal closed three years after Sanz landed a $52.5 million construction loan from Hall Structured Finance for the 11-story building, CO first reported at the time.
“North Bergen benefits from strong rental demand, limited new construction, and direct connectivity to Manhattan,” Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement. “With the property already experiencing significant leasing success ahead of peak leasing season, the early proof of concept gave us strong conviction to move quickly and provide certainty of execution.”
The Braddock Park West property commenced pre-leasing in January 2026 with move-ins beginning in February 2026. As of March 2026, the property is roughly 22 percent leased, according to Madison Realty Capital.
Braddock Park West is located at 8601 Bergenline Avenue, directly across the street from 167-acre James J. Braddock North Hudson County Park. The property received a 30-year Payment in Lieu of Taxes agreement with the Township of North Bergen.
The development features 2,000 square feet of ground-floor retail space and a 141-space indoor parking garage. Community amenities include a fitness center, coworking lounges, a rooftop terrace with grills, and electric vehicle charging stations.
Walker & Dunlop’s Jordan Casella negotiated the financing.
“Braddock Park West represents a best-in-class addition to one of north Hudson County’s most supply-constrained and sought-after residential corridors,” Casella said in a statement.
Sanz Property Management did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
