Loan collateralized by three remaining unsold units at high-end Sunny Isles development; financing to pay off existing debt at the property
NEW YORK, Oct. 6, 2016 /PRNewswire/ — Madison Realty Capital (MRC), an institutionally-backed real estate investment firm focused on real estate equity and debt investments in the middle markets, originated a $32.0 MM first mortgage loan collateralized by three unsold residential condominium units in The Regalia, a 46-story, 39-unit ultra-luxury residential building located at 19575 Collins Avenue in Sunny Isles, Florida. The borrower intends to use the loan proceeds to repay the existing debt on the property.
Josh Zegen, Co-Founder and Managing Principal of MRC, made the announcement.
The three units, known as the "Beach House", the "Penthouse", and "Unit 18," total 41,435 square feet and represent the last remaining unsold units at The Regalia, a beachfront development which sits at the border of Sunny Isles and Golden Beach, an area known for its luxury residential condominium and resort properties.
The Beach House is a 6-bedroom, 7-bath duplex featuring 10,515 interior square feet and 6,500 outdoor square feet totaling 17,015 sellable square feet. The unit encompasses floors 3 and 4, and includes a sun deck, summer kitchen, wraparound terrace and a glass-faced pool. The Penthouse is a 6-bedroom, 7.5-bath unit featuring 10,755 interior square feet and 6,050 outdoor square feet totaling 16,805 sellable square feet. The Penthouse encompasses floors 43 to 46, and includes a private rooftop pool, sun deck, and a personal spa. Unit 18 is a 4-bedroom, 5.5 bath unit featuring 5,515 of interior square feet and 2,100 outdoor square feet totaling 7,615 sellable square feet.
"The Regalia is a standout oceanfront development in Sunny Isles Beach, one of the most dynamic luxury condo markets in all of coastal South Florida," said Zegen. "The property is situated on the last entitled lot in Sunny Isles, leaving unobstructed secluded views to the north, and is the only ultra-luxury development in the region to offer large full-floor residences. This was an attractive deal for MRC to finance as well as another opportunity to boost our pipeline of activity in the Miami metro area."
The Regalia is situated on Collins Avenue on the most northeastern lot of Sunny Isles Beach in Miami-Dade County. Golden Beach is located immediately to the north of the Property and is characterized by large upscale single family homes. To the south of the city is Haulover Park, a 99-acre municipal park. High-rise development and commercial development is not permitted in either Golden Beach or Haulover Park, making the area's beachfront property some of the most sought after property in Miami-Dade County. The city boasts two miles of uninterrupted natural beach and offers a generally more tranquil residential alternative to nearby South Beach.
About Madison Realty Capital (MRC)
MRC is a New York-based real estate investment firm that pursues real estate equity and debt investments in the middle market. Founded in 2004, MRC has invested in approximately $5.2 billion of transactions in the multifamily, retail, office, industrial and hotel sectors.
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