NEW YORK, Dec. 03, 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 $182.5 million loan to Scape North America for a multifamily development in Downtown San Jose, California.
Located at 600-618 South First Street, Scape SoFA will offer 336 residential units consisting of a mix of studios, one- and two-bedrooms as well as approximately 6,000 square feet of ground-floor retail. The 23-story tower will include a café, tenant lounge, fitness center, roof deck, pool, yoga studio, and 111 parking spaces. The tower is ideally located for professionals at the neighboring corporate campuses of Oracle, Zoom, eBay, SAP, Adobe, and Google’s new Downtown San Jose campus, in addition to faculty, staff, graduates and undergraduates at nearby San José State University.
“In recent years, Downtown San Jose has seen a resurgence of local retail and restaurants moving in driven by innovative tech companies, including Google’s new transformative campus bringing over 25,000 jobs to the neighborhood. However, supply of high-quality furnished living options is presently limited in a market already seeing robust office development from growth-oriented businesses,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “Scape is an experienced owner, developer and operator of student and multifamily housing and we are pleased to continue our strong relationship with them to deliver creative financing for top-tier, accessible housing options serving professionals and academics in San Jose.”
Scape North America purchased the property in February 2020 and, through the planning process, added additional units while also optimizing the design of the tower.
Madison Realty Capital first worked with Scape North America to deliver a $165 million loan for the development of a 451-unit multifamily project in Boston, Massachusetts.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that, as of September 30, 2021, manages approximately $7.5 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 an office in Los Angeles, 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.
Nathaniel Garnick/Grace Cartwright Gasthalter & Co. (212) 257-4170 firstname.lastname@example.org
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