NEW YORK, May 13, 2024 (GLOBE NEWSWIRE) — 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) 257-4170
madisonrealty@gasthalter.com
For Unity Capital:
Sarah Berman
The Berman Group
212 450-7300
sberman@bermangrp.com
