NEW YORK, Sept 19 (Bernama-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 an $85 million loan to The Related Group (“Related”), BH Group, Teddy Sagi’s Globe Invest, and Wanxiang Group Corporation for the acquisition and pre-development of a 6.51-acre land parcel with approved plans for the development of a luxury condominium project on Fisher Island in Miami Beach, Florida.
The parcel is located at 6 Fisher Island Drive at the last remaining condo development site on the 216-acre private island, which is accessible only by ferry, boat, or helicopter and offers significant privacy for its 800 residents. The condominiums will rise ten stories and consist of 51 units across a mix of three- to five-bedroom residences, three villas and two penthouses with premium finishes and appliances. The property will include 450 feet of private oceanfront and valet parking for 169 spaces as well as 7 private two-car garages and 93 golf cart spaces. Residents will have access to premier amenities as well as membership to the Fisher Island Club, which offers beaches, seaside golfing, tennis courts and restaurants.