NEW YORK, April 18, 2024 (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 provided a $97 million construction loan to the Taurasi Group for the redevelopment of a 5-story industrial loft building located at 38 Jackson Street in Hoboken, New Jersey. Upon completion, the renovated 9-story, 493,915 square foot property will provide a mix of 110 luxury residential condominium units, high-quality communal amenities, approximately 50,000 square feet of ground floor retail, and a 300-space parking garage in the South End neighborhood of Hoboken. Construction of the property is currently underway and is anticipated to be completed in the third quarter of 2025.
Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital said, “The Taurasi Group is an experienced developer of premium housing projects including numerous residential condominiums in Hoboken. Conveniently located directly across the river from New York City, the South End of Hoboken has emerged as a charming and vibrant neighborhood with fast-growing demand for highly amentized, luxury residential offerings. We are pleased to provide a flexible source of financing to support an experienced local borrower in the redevelopment of this property, which will help meet the strong demand for high-quality mixed-use residences in Hoboken.”
Upon completion, the 110-unit luxury residential property will include a unit mix of one- to five-bedroom residences with unobstructed views of the Manhattan skyline. Each will be equipped with full stainless steel appliance packages, custom cabinetry, high ceilings, floor to ceiling windows, luxury wood plank flooring, high-end fixtures, in-unit washer/dryers, best-in-market finishes and large outdoor terraces. The property’s communal amenities will include a fitness center, a rooftop pool and sundeck, a lounge and grilling areas, a tenant clubroom, garage parking, and a centralized enclosed atrium.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm focused on US-based commercial real estate debt and equity 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.
Headquartered in New York City, with offices in Los Angeles 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 2022. To learn more, follow Madison Realty Capital on LinkedIn and visit www.madisonrealtycapital.com.
Media inquiries, contact:
Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.
(212) 257-4170
madisonrealty@gasthalter.com
