Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Priority Capital Advisory Closes $11M to Recapitalize Madison Hotel-to-MF Conversion
Zachary Streit, Founder and President of Priority Capital Advisory, announced the closing of an $11.5 million senior loan on behalf of REALM and OTR Real Estate for the recapitalization of Vivo Madison, a 153-unit multifamily property located at 517 Grand Canyon Drive in Madison, Wisconsin.
The joint venture acquired the property, which was a Radisson Hotel at the time of acquisition, in April 2023 and converted the hotel into a multifamily asset, with the main scope of work including adding kitchenettes in all units and building out common-area amenities. The property is currently 56% leased with full occupancy anticipated by the end of this year.
“Vivo Madison required a highly customized capital solution for an asset that was still stabilizing after its conversion,” said Streit. Vivo Madison features 147 studio units and six one-bedroom units. The two-story asset is situated on 4.53 acres adjacent to University Research Park, a 1.8 million-square-foot life sciences and technology corporate campus. It is also a 10-minute drive from the University of Wisconsin–Madison and is within walking distance of West Towne Mall.
