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Madison Realty Capital Originates $395 Million Loan for Portfolio of Three Multifamily Projects .
Madison Realty CapitalMay 3, 2021 GMT
NEW YORK, May 03, 2021 (GLOBE NEWSWIRE) Madison Realty Capital, a fully integrated real estate private equity firm focused on debt and equity investment strategies, today announced it has provided a $395 million loan to Accurate Builders & Developers for a portfolio of assets that includes three nearly-complete multifamily properties located in Bayonne, Raritan and Linden, NJ that includes 1,161 units nearing completion and an eight-acre development located at the site of the Former Bears Stadium in Newark, NJ, that includes plans to develop 4,200 residential units.
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A view of the development site with Bears & Eagles Riverfront Stadium and Madison Realty Capital’s Josh Zegen (City of Newark, Wikimedia/buba69)
Developer Jack Klugmann landed a nearly $400 million loan from Madison Realty Capital for a portfolio of North Jersey apartments and a large development site at the former Newark Bears stadium.
Klugmann’s Accurate Builders & Developers received a $395 million loan for the properties, which include more than 1,000 recently completed units and a large site where the developer plans to build 4,200 apartments.
“We’re going to be building a min-city over here,” said Klugmann, who added the project will include about 100,000 square feet of coworking space and retail. “We’re trying to create a destination.”