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Once again, Madison Realty Capital has given a boost to another developer in the form of a big loan.
The New York-based firm has loaned $258M to Lakewood-based Accurate Builders and Developers of New Jersey for the acquisition of land and construction of three multifamily developments in different New Jersey suburbs, Commercial Observer reports. Meridian Capital Group brokered the financing arrangement.
Accurate Builders, led by Jack Klugmann, is planning to build transit-oriented projects totaling 1,161 apartments in Bayonne, Raritan and Bergen, CO reports.
The Bayonne project, to be called Harbor Station South, will contain two buildings totaling 651 units at the corner of Goldsborough Drive and Port Terminal Boulevard, nearly adjacent to the 34th Street station of the Hudson-Bergen light rail line and the future site of the Bayonne-to-Manhattan ferry on Military Ocean Terminal, according to a press release.
The Raritan site is situated between First Avenue, Third Street, Second Avenue and a NJ Transit rail bed. Accurate Builders is planning 261 apartments there, 20 of which will be designated affordable. The Linden site has not yet closed, so no development details were available at press time.
Madison Realty Capital has doled out over $4B in loans since it opened its first debt fund in 2005, making it one of the most active lenders in commercial real estate in the tri-state area, even though it is just as active in equity investment as it is in debt.
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