Madison Realty Capital and Unity Capital Originate $100 Million Construction Loan for Mixed-Use Multifamily Development in Long Branch, New Jersey
May 13 2024 - 8:30AM
Madison Realty Capital, a vertically integrated real estate private
equity firm focused on real estate private credit, and Unity
Capital, a direct portfolio lender originating commercial real
estate secured financing products, today announced they have
provided an $85 million construction loan and a $15 million
mezzanine loan, respectively, to an affiliate of Kushner Companies
for the development of a 299-unit mixed-use multifamily and retail
project located at 144 Broadway Place in Long Branch, New Jersey.
Construction of the property is expected to be completed in the
second quarter of 2026.
Located on the northern Jersey Shore, the
property is situated within walking distance of the Long Branch
Boardwalk, Ocean Boulevard and multiple luxury beach clubs, shops,
and restaurants. Residents will have easy access to major commuter
transportation routes to New York City and throughout New
Jersey.
Josh Zegen, Managing Principal and Co-Founder of
Madison Realty Capital, said, “Long Branch is a supply-constrained
housing market with significant barriers to entry, and has
experienced strong and growing demand for luxury residential and
retail properties in recent years. With convenient access to
commuter hubs, luxury retail options and the Atlantic Ocean, this
property is poised to serve Long Branch’s need for high-quality
multifamily developments. We are pleased to provide a tailored
financing solution to an owner and operator of properties
nationwide with substantial experience in New Jersey and along the
Mid-Atlantic.”
Evan Bell, Co-Founder and Principal of Unity
Capital, said, “Unity Capital is proud to be a part of Kushner
Companies’ ongoing development of Long Branch, NJ. This mixed-use
development is a much-needed addition to this accessible beach
destination, and we are thrilled to have been part of the
construction financing. We look forward to seeing the continued
evolution and growth of Long Branch.”
“This project aims to infuse new vitality into
the city's downtown, linking Lower Broadway to our Pier Village
oceanfront community,” said Laurent Morali, CEO of Kushner
Companies. “We are introducing premium residential, retail, and
neighborhood services, including a much-needed grocery store, to
support the community year-round. We’re excited to be underway and
appreciate the efforts of Madison Realty Capital and Unity Capital
to make that happen.”
Upon completion, the Class A development will
comprise two four-story buildings and a mix of studio and one- to
three-bedroom units and townhomes. It will contain 279,822 rentable
residential square feet, 21,318 square feet of retail space
including a standalone 19,003 square foot retail building, and a
558-car parking lot. The property will also feature amenities
including a fitness center, yoga studio, game room, package room,
lobby lounge, coworking space, theater room, outdoor deck,
resort-style pool, and rooftop terraces.
About Madison Realty
Capital
Madison Realty Capital is a vertically
integrated private equity firm focused on US-based commercial real
estate private credit 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. To learn more, follow Madison Realty Capital on LinkedIn
and visit www.madisonrealtycapital.com.
About Unity Capital
Unity Capital is a direct portfolio lender
originating commercial real estate secured bridge, construction,
and mezzanine loans throughout the United States. Our
well-capitalized lending platform offers fast, flexible, and
efficient financing solutions, providing our clients the funds they
need to take advantage of real estate transactions that fall
outside the scope of traditional lenders. For more information,
visit www.unitycapitalllc.com.
Media inquiries, contact:
For Madison Realty Capital:
Nathaniel Garnick/Grace
Cartwright Gasthalter
& Co.(212) 257-4170madisonrealty@gasthalter.com
For Unity Capital:
Sarah Berman The Berman Group212
450-7300sberman@bermangrp.com