Yahoo Finance Madison Realty Capital Originates $95 Million Construction Loan for Luxury Condominium in Bellevue, Washington
MARI
MARI in Bellevue, Washington
NEW YORK, Oct. 18, 2021 (GLOBE NEWSWIRE) -- Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced it has provided a $95 million loan to Create World Real Estate, a privately held real estate development and management company, that will be used to fund the construction of a 20-story luxury residential tower in Downtown Bellevue, Washington.
“Bellevue is experiencing rapid growth as technology companies, startups and venture capital firms are drawn to its proximity to Seattle, a deep pool of talent, leading nearby universities, and high quality of living,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “Create World Real Estate is a well-regarded local developer with a proven track record of developing high-quality residential and mixed-use projects in Washington state and we are pleased to further our presence in the pacific northwest to deliver an exciting new luxury residence in a vibrant residential neighborhood appealing to Seattle’s surging workforce.”
“We appreciate Madison’s commitment to helping us complete this transaction,” said Bing Feng, Chief Executive Officer of Create World Real Estate. “Madison’s team was professional and easy to work with, ensuring a simple and smooth loan approval process to secure financing without delay.”
The Class-A condominium project, known as MARI, includes 138 luxury residences, 5,000 square feet of ground floor retail space and 210 parking stalls. Located at 10232 Northeast 10th Street in the heart of Downtown Bellevue close to retail, dining and entertainment at The Bellevue Collection and parks along Lake Washington, the residence will offer top-tier amenities including a 24/7 concierge service, state-of-the-art fitness center, sauna room, sky lounge, and rooftop terrace.
MARI is being designed by local architectural design firm, MZA Architecture and Ching Construction is the general contractor.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that manages approximately $6.6 billion in total assets on behalf of an institutional global investor base. Since 2004, Madison Realty Capital has completed more than $16 billion in transactions in the U.S. providing reputable borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with offices in Los Angeles and Miami, the firm has over 60 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.
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CONTACT: Nathaniel Garnick/Grace Cartwright Gasthalter & Co. (212) 257-4170 madisonrealty@gasthalter.com
