Madison Realty Capital (MRC) continues its expansion on the West Coast, originating two loans totaling $35.1 million for the completion of two separate Southern California residential development projects: A $15.1 million construction loan for a condominium at 2750 4th Avenue in San Diego and a $20 million construction loan for a condominium at 154 North La Peer Drive in Beverly Hills.
“MRC is pleased to announce these two financing transactions as we continue to expand our footprint throughout the West Coast,” said Josh Zegen, co-founder and managing principal of MRC. “Each construction loan will allow the borrowers to bring competitively priced condo units to their respective regions, and we expect both properties to attract considerable interest upon completion.”
The loan for 2750 4th Avenue allows the borrower, a joint venture between a local developer and an institutional hedge fund, to complete the construction of a 16-unit, five-story, 37,941-square-foot building with one ground floor commercial unit. The opportunity to fund the project was initially presented to MRC through the firm’s relationship with HFF. Separately, the loan for the Beverly Hills property allows the sponsor to complete a 16-unit, four-story, 34,135-square-foot condominium. MRC was able to quickly provide this experienced local developer with a fully capitalized solution to complete the project without delay.
With these latest deals, the company has now closed eight west coast transactions for a total of $717 million since the New York City-based private equity firm announced the opening of its first Los Angeles office in spring 2018.
