NEW YORK, April 17, 2023 (GLOBE NEWSWIRE) — Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced that the firm has provided a $44 million loan to McKee Homes, a Raleigh, North Carolina-based home builder and developer, and the Huff Family Offices, for The Palms at Edgewater, a 288-unit multifamily apartment complex in Summerville, South Carolina.
Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said, “The Palms at Edgewater deliver a unique and newly developed multifamily residential option for Summerville’s rapidly growing market. The development is only a short commute to Charleston, and home to a strong education system coupled with blue-chip employers including Volvo, Walmart, Sam’s Club, Amazon and most recently, Redwood Materials. With demand for new housing options in Summerville continuing to rise, we are pleased to deliver a flexible financing solution to experienced developers with a history of building high-quality multifamily properties across the Carolinas.”
“We are excited to work with Madison Realty Capital in order to complete construction and take the next step towards stabilizing this exciting new project in a rapidly expanding Charleston suburb,” said Pat McKee, Co-Owner of McKee Homes. “Madison Realty Capital’s team expertly navigated the transaction process and we look forward to expanding our relationship in the future.”
Located at 1005 Sonaran Circle in Summerville, thirty minutes outside of Charleston, The Palms at Edgewater includes 13 Class A three-story apartment buildings offering one- to three-bedroom units. The apartment community will include 288 private residences with modern finishes, high-end appliances, private balconies, patios and detached garages. Community amenities for the property include a clubhouse with a leasing office, business center, game room, and fitness center as well as lake with fountains surrounded by walking paths, a pool and pool pavilion, car wash, playground, pickleball courts, dog parks with a dog wash and gas firepits.
Managing Director, Trent Niederberger, and Director, Philip Galligan, of JLL Capital Markets arranged the financing.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that, as of December 31, 2022, manages approximately $10 billion in total assets on behalf of a global institutional investor base. Since 2004, Madison Realty Capital has completed approximately $22 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 more than 70 employees across all real estate investment, development, and property management disciplines. Madison Realty Capital has been named to Commercial Observer’s prestigious “Power 100” list of New York City real estate players every year since 2016 and was recognized In March 2023 by PERE as the Debt Firm of the Year, North America for Fiscal Year 2022. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.
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