Florida & Gulf Coast + South Florida + Finance | August 17, 2023

Madison Realty Capital Originates $95M Loan for Port St. Lucie Multifamily

Madison Realty Capital originated a $95 million mortgage loan to America Walks, an Ohio-based development firm, for the development of Encore at Tradition, a 55+ age-restricted multifamily development located at 8500 SW America Walks Blvd. in Tradition, a master-planned community within Port St. Lucie.

Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said, “Madison Realty Capital is pleased to provide a flexible financing solution to complete development of a well-located resort-style senior living community in Tradition. The project is 55% complete and located less than an hour north of Palm Beach. Port St. Lucie has seen significant population growth over the last ten years, and this development will serve the strong demand for age-restricted community living.”

The property consists of 303 single-story, for-rent ranch-style villa units with private screened patios spread across 60 buildings and two four-story, 56-unit multifamily buildings connected by a 24,000-square-foot clubhouse and amenity deck. It’s expected to be delivered in phases commencing in the fourth quarter of 2023, with final completion expected in the summer of 2024.

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Madison Realty Capital's Zegen

About Angela Noote

Angela Noote is a native of Northern California and graduated from Chico State with a degree in public relations. After college she moved to the Central Coast and worked first in ad sales then in editorial, eventually spending more than a decade as a print reporter and editor. She detoured into design work at a printer/publisher, and with a partner eventually opened a boutique full-service marketing agency. Moving into corporate communications, she built and managed several successful marketing teams in the hospitality, financial services, and nonprofit industries. Most recently she was an internal comms manager in the tech sector. After a long stint spent in Georgia (Go Dawgs), she moved to Baton Rouge, LA and has written for clients in the financial, luxury imports, higher ed, commercial cleaning, and medical equipment industries. Her son is a media arts major at the University of South Carolina, and her husband owns a comedy theater in Baton Rouge, where you can often find Angi teaching improv classes, leading corporate training events, or doing an occasional stand up set.

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