Madison Realty Capital, a real estate private equity firm focused on debt and equity investment strategies, today announced originating a $76 million loan to The Related Group for the development of a luxury condominium project in Miami, according to a press release.
The firm says that The Related Group will manage development of the 343-unit, 37-story property, known as District 225 in partnership with ROVR Development and BH Group.
“As major businesses continue to move to Miami, expanding the city’s banking, investment, and financial sectors, the demand for highly amenitized housing from young professionals, families and new residents is skyrocketing. The Related Group is one of the largest developers in Florida and we are pleased to leverage our expertise and scale in the Miami market to work with them on this dynamic living option,” stated Josh Zegen, co-founder and managing principal of Madison Realty Capital, in the release.
It says the fully pre-sold property was designed by Siegler Suarez Architects and will include about 1,722 square feet of ground floor retail and fully furnished units, including studio, one- and two-bedroom units. It also noted each unit will include smart home technology to enable remote unit management.
The release also says that District 225 will incorporate “unique short-term capabilities as part of Related Group’s collaboration with Airbnb.”
“As more people work from home and enjoy more flexible lifestyles, the Airbnb partnership offers residents the unique ability to travel while earning additional income through home sharing and built in, easy rental management services,” Zegen said.
In other recent proptech news, Matterport acquired VHT Studios in a bid to expand its real estate digital marketing services. Mosaic also hired a regional operations lead, Kyle AuBuchon, to lead its build-to-rent expansion in Texas.