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Madison Obtains Loan, Equity for Melbourne Apartments
Madison Capital Group closed a $33.5 million loan from First Citizens Bank, brokered by Berkadia, along with a $15.3 million preferred equity raise from Forum Capital Advisors. The funds will support the development of Madison Midtown, a 240-unit Class A multifamily housing community in Melbourne, Florida. Alec Fox of Berkadia Tampa secured the financing on behalf of Madison Capital Group.
Located at 1034 South Babcock Street on a 14-acre site, Madison Midtown will transform a former Sears property into a residential community. The property is situated within the Palm Bay-Melbourne-Titusville metropolitan area, also known as Florida’s Space Coast.
In addition to Madison Midtown, Madison Capital Group is also developing an adjacent Go Store It Self Storage facility.
Madison Midtown will offer a range of upscale apartment features such as a contemporary clubhouse with a demonstration kitchen, a cyber lounge with flexible workspaces, a resort-style pool with cabanas, and a bark park with a dog wash.
- ◦Development
- ◦Financing
