Madison Realty Capital has originated a $55-million loan to Metro Edgewater for the construction of a 32-story, 279-unit multifamily and the purchase of an adjacent 18-unit property in Miami’s Edgewater neighborhood.

Melissa Rose and Jesse Wright from JLL arranged the financing.

The new build, Metro at Edgewater, will be located on NE 31st Street with 266,306 square feet of residential apartment space, 4,230 square feet of ground floor retail, and 312 parking spaces.

The property will offer a unit mix of one-to-three bedrooms with open layouts. Metro at Edgewater’s amenities include a coffee bar, hotel-style pool deck, fitness center, juice bar, co-working spaces, library and 24-hour lobby attendant.

“Edgewater has a growing need for high-quality multifamily rental properties as the neighborhood continues to attract young professionals interested in the area’s culture, location, and competitive prices relative to other areas of Miami,” said Josh Zegen, managing principal and co-founder of Madison Realty Capital.