Master-Planned Community Will Serve Port St. Lucie’s Fast-Growing Demand for Amenitized, Resort-Style Living
NEW YORK, Aug. 16, 2023 (GLOBE NEWSWIRE) — Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, announced today that it has originated a $95 million mortgage loan to America Walks, an Ohio-based development firm, for the development of “Encore at Tradition” – a 55+ age-restricted multifamily development (the “Property”) located at 8500 SW America Walks Boulevard in Tradition, a master-planned community within Port St. Lucie, Florida.
Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said, “Madison Realty Capital is pleased to provide a flexible financing solution to complete development of a well-located resort-style senior living community in Tradition. The project is 55% complete and located less than an hour north of Palm Beach. Port St. Lucie has seen significant population growth over the last ten years, and this development will serve the strong demand for age-restricted community living.”
The Property consists of 303 single-story, for-rent ranch-style villa units with private screened patios spread across 60 buildings and two four-story, 56-unit multifamily buildings connected by a 24,000 sq. ft. clubhouse and amenity deck. The multifamily buildings will offer one- and two-bedroom units ranging from 750 to 1,234 sq. ft. and the villas will offer two-bedroom/two-bath units with attached two-car garages spanning 1,452 sq. ft. The Property is expected to be delivered in phases commencing in the fourth quarter of 2023 with final completion expected in the summer of 2024.
Located within Port St. Lucie’s master-planned community Tradition, which covers 8,300 acres across seven residential neighborhoods surrounding a town square, parks, lakes, and a retail shopping center, the Property will offer resort-style amenities designed to appeal to a segment of the senior living community focused on maintaining an active and healthy lifestyle. Upon completion, the Property’s high-quality amenities will include a full-service restaurant, gym, salon, locker rooms with sauna, massage, outdoor swimming pool, golf simulator, shuffleboard, bocce and pickleball courts, 21 acres of open space including a dog park, and more than two miles of walking and biking trails.
Kevin Brokaw, Managing Partner of America Walks, added, “We are pleased to partner with Madison Realty Capital for the financing of America Walks – Encore at Tradition, the premier 55+ rental community in the Tradition submarket of Port St. Lucie. Madison was able to leverage its expertise as both a developer and lender to offer a flexible financing solution for this complex multi-phase project in various stages of development, with the first units coming to market this fall.”
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that, as of March 31, 2023, manages $11 billion in assets on behalf of a global institutional investor base. Since 2004, Madison Realty Capital has completed $23 billion of real estate transactions, largely through direct lending to borrowers with flexible and highly customized financing solutions. Madison Realty Capital’s strong underwriting capabilities provide certainty of execution in complex, time-sensitive situations. Headquartered in New York City, with offices in Los Angeles, Dallas, and Israel, the firm has 75 employees across its real estate investment, asset management, and development 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 Madison Realty Capital on LinkedIn and visit madisonrealtycapital.com.
About America Walks
America Walks is a mission-oriented, high-end horizontal multifamily development team dedicated to creating affordable, resort-style living with an emphasis on active, vibrant and healthy lifestyles. America Walks is led by a group of experienced real estate professionals with extensive backgrounds in the large-scale design, development, financing, construction and operation of residential and multifamily communities, including over 12,000 single-story living units and 5,000 apartment units nationally. Our partnership was formed after extensive research on the residential industry demonstrated to the America Walks team that there was a need for for-rent lifestyle communities with high-end resort style amenities that would offer an alternative to for sale product and help attract and retain additional residents in growing communities.
Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.