NEW YORK, Jan. 13, 2022 (GLOBE NEWSWIRE) — Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced that it has originated a $345 million loan to Cronin Development for the completion of a 22-story, 114-unit residential and retail condominium development at 150 Seaport Boulevard in Boston, Massachusetts.
The property will contain a mix of one-bedroom to six-bedroom penthouse residences with waterfront views, a majority of which will feature outdoor space, and 10,211 square feet of retail. The Residences will feature a full range of amenities, including a fitness and wellness center with a spa and jacuzzi, bistro-style restaurant with waterfront dining, a grand lounge and pool overlooking the harbor, boardroom, business center, catering kitchen, wine vault, and two guest suites, all managed by St. Regis residential staff.
Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said “Boston’s Seaport District is expanding rapidly, but high barriers to entry and long entitlement processes have constrained the supply of luxury condominium offerings. We are pleased to expand our presence in Boston to deliver an attractive and complex financing solution mid-construction for a significantly presold property to Cronin Development, a developer with over twenty years of experience developing and managing real estate projects in the Boston area. This transaction reflects Madison Realty Capital’s ability to deliver unique financing and certainty of execution for residential projects in every phase of development.”
Jon Cronin, Founder of Cronin Development, said “We are thrilled to engage Madison Realty Capital as a single source of financing to complete this luxury residential product, which will be the last waterfront residential development in the Seaport District. Madison Realty Capital was able to leverage its knowledge of the Boston condominium market to quickly and efficiently provide us a tailored financing solution during the construction process that will enable us to complete the project in the near term.”
Madison Realty Capital has significant experience investing in Boston. Notable transactions include a $165 million loan to Scape North America for the development of a 451-unit multifamily project in Boston’s Fenway neighborhood and a $314 million construction loan to Raffles Boston Back Bay Hotel & Residences.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that, as of December 31, 2021, manages approximately $8 billion in total assets on behalf of a global institutional investor base. Since 2004, Madison Realty Capital has completed approximately $20 billion in transactions providing borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with an office in Los Angeles, the firm has approximately 70 employees across all real estate investment, development, and property management disciplines. Madison Realty Capital has been frequently named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as a top construction lender, among other industry recognitions. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.
Nathaniel Garnick/Grace Cartwright Gasthalter & Co. +1 (212) 257 4170 madisonrealty@gasthalter.com