Madison Realty Capital Originates $97 Million Construction Loan for Mixed-Use Luxury Redevelopment Project in Hoboken, New Jersey
April 18 2024 - 8:00AM
Madison Realty Capital, a vertically integrated real estate private
equity firm focused on debt and equity investment strategies, today
announced that it has provided a $97 million construction loan to
the Taurasi Group for the redevelopment of a 5-story industrial
loft building located at 38 Jackson Street in Hoboken, New Jersey.
Upon completion, the renovated 9-story, 493,915 square foot
property will provide a mix of 110 luxury residential condominium
units, high-quality communal amenities, approximately 50,000 square
feet of ground floor retail, and a 300-space parking garage in the
South End neighborhood of Hoboken. Construction of the property is
currently underway and is anticipated to be completed in the third
quarter of 2025.
Josh Zegen, Managing Principal and Co-Founder of
Madison Realty Capital said, “The Taurasi Group is an experienced
developer of premium housing projects including numerous
residential condominiums in Hoboken. Conveniently located directly
across the river from New York City, the South End of Hoboken has
emerged as a charming and vibrant neighborhood with fast-growing
demand for highly amentized, luxury residential offerings. We are
pleased to provide a flexible source of financing to support an
experienced local borrower in the redevelopment of this property,
which will help meet the strong demand for high-quality mixed-use
residences in Hoboken.”
Upon completion, the 110-unit luxury residential
property will include a unit mix of one- to five-bedroom residences
with unobstructed views of the Manhattan skyline. Each will be
equipped with full stainless steel appliance packages, custom
cabinetry, high ceilings, floor to ceiling windows, luxury wood
plank flooring, high-end fixtures, in-unit washer/dryers,
best-in-market finishes and large outdoor terraces. The property’s
communal amenities will include a fitness center, a rooftop pool
and sundeck, a lounge and grilling areas, a tenant clubroom, garage
parking, and a centralized enclosed atrium.
About Madison Realty
Capital Madison Realty Capital is a vertically
integrated real estate private equity firm focused on US-based
commercial real estate debt and equity strategies. As of December
31, 2023, the firm, including its controlled affiliates
(collectively, “Madison”), manages $19.4 billion in assets on
behalf of a global institutional investor base. Since 2004, Madison
has completed $42.4 billion of securities and non-securities real
estate transactions largely through direct lending to a wide range
of borrowers, acquiring non-performing loans and making preferred
equity investments. Madison Realty Capital seeks to deliver value
across every phase of the property lifecycle by providing
customized financing solutions and strong underwriting capabilities
that meet borrowers’ unique needs with speed and certainty of
execution.
Headquartered in New York City, with offices in
Los Angeles and Israel, the firm has 75 employees across its real
estate investment, asset management, and development disciplines.
Madison Realty Capital has been named to Commercial Observer’s
prestigious “Power 100” list of New York City real estate players
every year since 2016 and was recognized in March 2023 by PERE as
the Debt Firm of the Year, North America for 2022. To learn more,
follow Madison Realty Capital on LinkedIn and visit
www.madisonrealtycapital.com.
Media inquiries, contact:
Nathaniel Garnick/Grace
Cartwright Gasthalter
& Co.(212) 257-4170madisonrealty@gasthalter.com